State of the Bangladesh Economy in FY2023-24 (First Reading)
Independent Review of
RBD
Bangladesh's Development
Going forward: Required policy initiatives
☐ Sustainable debt servicing is likely to emerge as a key challenge over the near and medium term period,
particularly in view of the ongoing drawdown on forex reserves. Government should pursue a cautious
policy as regards foreign borrowings: by curtailing hard term credit, through proper prioritisation, by
putting a moratorium on new mega projects, by ensuring good governance in the implementation of
foreign-funded public sector projects. Negotiating capacity in relevant areas must be strengthened. A well-
thought out strategy as regards external borrowings and payment of debt servicing liabilities must be
crafted to avoid any future problems. Bangladesh must avoid falling into a debt trap.
☐ Any disruption in market access for exports will have serious implications for export sector performance
and, consequently, the economy. Bangladesh should take necessary steps in view of the concerns voiced by
key export destination countries in areas of labour rights, minimum wages, environment and CO2 emission
standards, governance and management of production processes.
☐ A concerted effort on the part of RMG business associations will be required to be able to negotiate higher
prices with global brands and buyers for Bangladesh's apparel products. Workable partnerships with global
initiatives such as Fair Trade Movement will need to be established.
☐ The government will need to pursue evidence-based policies to pull the external sector out of the current
conundrum and listen to advice and suggestions offered by experts and professionals.
CPD (2023): State of the Bangladesh Economy in FY2023-24 (First Reading)
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