The government has formed a high-level cabinet committee to devise a "Crisis Management Plan", aimed at safeguarding Bangladesh's economic stability in the face of ongoing wars and geopolitical tensions in different parts of the world, sources said.
According to a document of the Prime Minister's Office (PMO), the main tasks of the ministerial panel will be to formulate strategies to help mitigate potential external shocks that could affect the country's economy, trade, energy supply and food security.
Headed by the minister of the Ministry of Finance, the high-powered body is also composed of ministers from several key ministries, including Local Government, Rural Development and Co-operatives, Health and Family Welfare, Power, Energy and Mineral Resources, Commerce, Expatriates' Welfare and Overseas Employment and Food.
The Finance Division under the Ministry of Finance will provide secretarial support to the committee and coordinate its activities, according to another document.
The committee was formed at the last cabinet meeting with Prime Minister Tarique Rahman in the Chair, an official source said.
Officials concerned said the committee will assess possible economic risks
stemming from global conflicts, including disruptions in energy supply, commodity supply, remittance inflows and international trades.
According to an official document, the relevant ministries and divisions have been requested to take necessary steps to implement the decisions under Section 23(3) of the Rules of Business, 1996.
The committee has also been asked to submit an initial progress report within 15 days from issuance of the directive. And it will have to submit the progress updates regularly.
As per the instructions, the implementation progress must be reported to the Cabinet Division by the 4th day of every month until the assigned tasks are fully completed.
Officials familiar with the process said the initiative reflects the government's growing concerns over the spillover effects of global geopolitical tensions on Bangladesh's macroeconomic stability.
In recent years, external shocks, including conflicts affecting global fuel and food markets-- have significantly influenced inflation, foreign exchange reserves and import costs in many developing economies, including Bangladesh.
rezamumu@gmail.com
