Finance Minister Amir Khosru Mahmud Chowdhury announced that the government has adopted a plan to allocate 5 percent of Bangladesh’s GDP to the health and education sectors within the next five years. He made the statement on Monday in Dhaka’s Banani area while speaking as the chief guest at a discussion titled “Bangladesh’s Economic Future Amid Global Instability.” The minister said the increased allocation aims to strengthen human resource development and build a skilled workforce.

He noted that the country’s tax-to-GDP ratio, once above 11 to 12 percent, has now fallen below 7 percent, making it difficult to implement development projects and ensure social protection. To address this, a new committee has been formed to make the National Board of Revenue’s reform process more effective and modernize the revenue structure.

The minister added that most remittance inflows come from unskilled workers and that improving their skills could raise remittances above 50 billion dollars. He also said the government is working to ensure internationally recognized training and create new employment opportunities within two years.