Govt reallocates funds, eyes low-interest loans to meet fuel demand
"If necessary, we will secure funding from international organisations to ensure the payment for fuel oil," PM’s Economic and Planning Adviser Rashed Al Mahmud Titumir said.
To ensure sufficient fuel imports to meet domestic demand, the government is reallocating funds from various sectors and considering low-interest loans from international development agencies, Prime Minister's Economic and Planning Adviser Rashed Al Mahmud Titumir said.
Speaking to journalists at his office in the Secretariat today (15 March), Titumir said that, alongside cutting expenditures in other sectors to free up allocations for fuel purchases, the government is exploring financial support from institutions such as the International Monetary Fund (IMF) and the World Bank.
"If necessary, we will secure funding from international organisations to ensure the payment for fuel oil," he said, emphasising that fuel security is a top priority for the government.
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He added, "We are trying to obtain loans at the lowest possible interest, whether from the IMF, ADB, or the World Bank. Our efforts are focused on ensuring an uninterrupted fuel supply for the country."
Titumir also noted that the government continues to engage with multiple countries to identify new sources of energy.
On social protection programmes, Titumir assured that the government's Family Card initiative is free from political influence.
Likewise, the Farmer Card distribution will follow merit-based eligibility, without political interference.
"Previously, political considerations influenced these programmes, but that will no longer happen," he said.
Titumir also addressed tax policy, highlighting that the country's tax-to-GDP ratio remains very low, among the lowest globally.
"It is essential for the health of our economy to increase this ratio," he said.
