Asian Development Bank’s Bangladesh Country Director, Edimon Ginting on Monday highlighted the pressing need for improved governance in Bangladesh’s banking and revenue sectors to bolster the nation’s economic health and resilience.

Speaking at a quarterly luncheon meeting organized by the Metropolitan Chamber of Commerce and Industry, Dhaka, Ginting stressed the pivotal role of these sectors in driving sustainable economic growth.

Ginting emphasized the disparity between the size of Bangladesh’s banking sector and its actual requirements to adequately support domestic investors.

He underscored the imperative for expansion coupled with robust management and governance.

Comparing the banking sector to the heart of the economy, Ginting stressed the importance of effective governance as a cornerstone for economic vitality.

He advocated prioritizing governance reforms within the banking sector to ensure its stability and strength.

Additionally, Ginting addressed governance challenges within the National Board of Revenue (NBR), crucial for Bangladesh’s aspirations to become a middle-income country.

He highlighted the necessity of effective revenue management to facilitate investments in human resource development and social security, thereby promoting equality and sustainable growth.

Acknowledging the Asian Development Bank’s invaluable support across various sectors of Bangladesh’s development, MCCI President Kamran T Rahman expressed gratitude for their assistance in areas such as climate resilience, infrastructure, social protection, job creation, and water and sanitation initiatives.

Furthermore, during open discussions, stakeholders deliberated on various aspects of ADB financing, including its role in bolstering social security, enhancing quality standards, governance, law enforcement, and capacity development in Bangladesh.

In conclusion, the discussions underscored the critical importance of strengthening governance frameworks within Bangladesh’s banking and revenue sectors to foster inclusive and sustainable economic development.