Finance Minister AHM Mustafa Kamal on Tuesday said it was close to impossible for Bangladesh to fulfill the forex reserve target set by the International Monetary Fund (IMF.)
However, he also said that Bangladesh's economic condition, both in terms of net and gross measures, was robust, adding it was rather possible to double the amount of remittance in the country.
The minister, speaking to the media for the first time after the 12th national parliamentary election, also committed to ensure that the reserves do not drop below $30 billion this year.
To achieve this goal, the government must unlock the potential sectors of the economy. There should be a significant focus on enhancing revenue collection as a key priority, Kamal also said.
He highlighted numerous untapped opportunities for advancing Bangladesh's economy, citing several unexplored sectors and undiscovered components.
The finance minister said that the main strength of Bangladesh's economy is the foreign exchange reserve.
Bangladesh's annual foreign debt does not match its foreign remittances. But there is nothing to worry about. Revenue is also being generated from both goods and services, further contributing to the economy," he added.
Replying to a query, Kamal acknowledged that there have been numerous reforms in Bangladesh's banking sector.
While noting some isolated incidents that arose, he assured that these would be addressed in the future.
Mentioning that non-performing loans (NPLs) have significantly reduced, the minister said Bangladesh aims to be the 20th largest economy by 2041.
Addressing another query, he highlighted the significance of inflation in driving economic progress. He stated that discussions on inflation often involve individuals with limited economic insight.
Kamal also mentioned that the prime minister will decide who will be the finance minister of the new government.
Asked about any possibility of sanctions on Bangladesh's economy, he said Bangladesh did not commit any wrongdoing warranting such actions.
There is no justification for imposing sanctions on the country. However, if such measures are forcibly taken, Bangladesh will be compelled to respond with similar action, he added.