FROM PAGE B1

programmes through “family cards” and is planning to re-excavate canals across the country.

“Many more reforms will be undertaken, but these will be realistic and based on domestic realities,” he added.

In future, he said, the government will increase the reserves of strategic commodities such as fuel oil, edible oil, rice, and wheat. “We will also increase investment expenditure at a higher rate than the government’s operational expenditure.”

Meanwhile, responding to a question, the premier’s adviser informed that equal opportunity would be ensured for all individuals accused of looting struggling banks to regain their ownership of the institutions.

Any disputes, he said, would be resolved in the Supreme Court.

Prof Mustafizur Rahman, a distinguished fellow of Centre for Policy Dialogue, said over the past three years, the largest portion of the government’s budget has been spent on debt servicing.

He explained that since revenue has not increased sufficiently, the government has had to take on more loans to service existing debt.

“To escape this type of debt trap, the current government must formulate a roadmap,” he said while addressing the event as guest of honour.

The policy expert added, “The development narrative we have heard for years is essentially debt-driven growth, and the country must move away from it. Financing could be sourced from the equity market, alongside a stronger focus on increasing revenue.”

The current government faced a tough test in its initial days. On one hand, it inherited macroeconomic instability; on the other, it must address the challenge of graduating from least developed country status, even if it manages to defer the graduation once.

“People’s expectations are also very high, so inclusive development and reform must continue despite these challenges,” he said.

Meanwhile, apparel sector leaders called for ensuring policy stability and energy security if the government wants to use the sector for employment growth and private sector investment.