IMF, World Bank View Family and Farmer Card Schemes as Effective Tools to Curb Poverty, Inflation: Adviser to PM
The International Monetary Fund (IMF) and the World Bank have commended the BNP government’s newly announced ‘Family Card’ and ‘Farmer Card’ initiatives, describing them as effective tools for poverty reduction and inflation control. The praise came during bilateral discussions held on Friday, October 16, at the Joint Annual Meetings of the IMF and the World Bank Group at the Queen Sirikit National Convention Center (QSNCC) in Bangkok, Thailand, where international development partners evaluated Bangladesh’s ongoing socio-economic strategies.
Speaking at a press conference following the meeting, Rashed Al Mahmud Titumir, Adviser to the PM on Finance and Planning, emphasized the critical necessity of these targeted safety nets. Mr. Titumir stated, ‘The Family Card and Farmers’ Card initiatives were undertaken to provide relief to people pushed into poverty by prolonged inflationary pressure and to reduce overall poverty.’ He highlighted that independent research projections estimate a 5 percent reduction in poverty through the Family Card scheme, a view strongly endorsed by the IMF, the World Bank, and the Asian Development Bank.
Addressing critical historical vulnerabilities in social assistance, the finance adviser noted that nearly 8 million people had previously fallen below the poverty line due to severe flaws in targeting lists under the past administration. To address energy price spikes, regional geopolitical instability, and social safety net gaps, the Family and Farmers’ Cards have been established as primary instruments. Mr. Titumir affirmed that development partners believe these interventions will deliver tangible relief to public life while establishing fair produce pricing for low-income agricultural producers.
Beyond social safety initiatives, the discussion highlighted significant progress in domestic revenue generation and fiscal management. Mr. Titumir explained that past revenue stagnation stemmed from tax evasion, tax exemptions, and structural patronage. However, following targeted task force interventions initiated in February, the country achieved a 12 to 13 percent revenue growth through June 30. Despite the IMF Article IV Mission projecting a conservative growth rate of 4.7 percent, the government continues to demonstrate measurable progress alongside its structural policy commitments.
Finally, the adviser detailed comprehensive banking sector reforms required to resolve past financial irregularities, estimating that addressing systemic looting might require nearly $40 billion. Mr. Titumir highlighted early signs of recovery, noting, ‘Depositors’ trust in Sammilani Islam Bank has been restored, enabling them to withdraw funds since September 1.’ With additional troubled banks being managed under the ‘Resolution Act’, declining Treasury bond interest rates, and plans for regional manufacturing hubs, the government aims to generate employment, contain inflation, and protect vulnerable populations.
