Towfiqul Islam Khan
Senior Research Fellow
E-mail: towfiq@cpd.org.bd
Towfiqul Islam Khan is an Economist. He is the Coordinator of CPD’s Independent Review of Bangladesh’s Development (IRBD) programme. He has undertaken research and published in a number of areas including macroeconomic policies, fiscal policy and fiscal transparency, governance, financing for development, inclusive development and sustainable development goals (SDGs). Khan is currently a member of the ‘SDG Working Team’ constituted under the Prime Minister’s Office, Government of Bangladesh. He is also a member of the ‘SDGs NGO Sub-Committee’ constituted under the NGO Affairs Bureau of Bangladesh. Khan received Australian Leadership Award (ALA) in 2008 to carry out his postgraduation academic degree at University of Melbourne, Australia. Khan also obtained his Masters and Bachelors in the area of Economics from Jahangirnagar University, Bangladesh.
A brief note on FY25 fiscal measures
In the national budget for the fiscal year 2024-25 (FY25), some changes proposed to provide relief to low & middle-income groups, and to impose higher rates of taxes to high income groups.
Fiscal framework of FY25 budget
The budget for the fiscal year 2024-25 (FY25) has been presented by the new Finance Minister of the newly elected government. This budget is also the last budget of the Eight Five Year Plan (8FYP) of Bangladesh.
Addressing three key challenges in Bangladesh economy – Debapriya Bhattacharya and Towfiqul Islam Khan
A complex economic situation – at both national and global levels- is now prevailing. Bangladesh is now going through one of the most difficult macroeconomic situations in recent decades.
A snapshot of macroeconomic correlates
The national budget for FY2024-25 (FY25) will be the first budget prepared by the incumbent government. It will also be prepared under new leadership at the Ministry of Finance.
Public finance faces mounting challenges
As a share of Gross Domestic Product (GDP), the country’s major public finance correlates were lower than the previous year. According to data from the Ministry of Finance (MoF), the revenue-GDP ratio of 8.2 per cent in FY2023 fell short of the budgetary target of 9.8 per cent.
External sector vulnerabilities amid uncertainties
It was earlier, in May 2023, pointed out that a significant share of Bangladesh’s on-going macroeconomic challenges originated in the dismal performance of the external sector and the uncertainties faced by the external sector balance
Hope for a sound banking sector fading away fast
The banking sector in Bangladesh has encountered numerous challenges over an extended period. Its weaknesses have been consistently exposed through high loan default rates and subpar performance across various indicators.
Corporate sustainability reporting: the new Black in Bangladesh’s private sector – Towfiqul Islam Khan and Ifaz Kabir
Sustainability reporting is a common practice that discloses an organisation’s economic, social, environmental, and governance practices to stakeholders. It increases transparency and accountability, involves data collection and progress evaluation, and contributes to global sustainable development
Adjusting the fiscal framework
While the economy was already reeling under immense pressure due to the ramifications of the Covid-19 pandemic, the situation on the eve of presentation of FY23 budget was exacerbated by the rising pent up demand and price hike in global commodity market consequent to the advent of Russia-Ukraine war in late February 2022.
Bangladesh external sector: coping with the emergent challenges
The recent challenges facing the country’s external sector have been exacerbated by pent up post-covid demand, recent price hike of essential commodities in the global market and the consequent rise in imports payments, depreciation-induced imported inflation, recessionary fear-induced depressed demand for Bangladesh’s exports