IMF loan conditions increasing economic pressure: Titumir

Staff Report: PNN

Economic and Planning Adviser to the Prime Minister Rashed Al Mahmud Titumir has said that strict conditions of International Monetary Fund (IMF) loans are creating additional pressure on ordinary people.

He made this comment as the chief guest at a seminar organized by the Economic Reporters Forum (ERF) at its office in Paltan, Dhaka on Saturday (April 18). The seminar was titled “Economic Stability, Financial Capacity, and the Government’s 180-Day Action Plan.” It was chaired by ERF President Daulat Akter Mala and moderated by General Secretary Abu Kasehm.

Titumir said that the previous government had taken IMF bailout loans without considering public interest, and the effects are now being borne by ordinary people. He claimed that the national economy is in a challenging situation, although remittances from expatriates have provided some relief.

Highlighting government priorities, he said reforms in state systems, equitable development, economic restructuring, regional balance, and institutional strengthening are the five main focus areas.

On investment, he said domestic investment must increase first, otherwise attracting foreign investment will not be possible. He also emphasized coordination between fiscal and monetary policy and ensuring the independence of the central bank.

Economist Mustafa K. Mujeri said the government faces major challenges in handling the economic crisis, international conditions, and public expectations. He warned that income inequality is increasing and stressed the need for greater social sector investment for inclusive growth.

Industrial leaders also emphasized policy consistency and a stable investment environment.

Speakers highlighted the need for long-term planning and strengthening governance to address the current economic situation.