New Finance Minister AHM Mustafa Kamal has urged authorities concerned to take necessary reforms to reduce the non-performing loan (NPL) at a tolerable level.

“We should make necessary changes to lower the NPL at a tolerable level. The existing rate of NPL is around 13 percent. If we can keep the NPL at 7 to 8 percent, it will play a vital role in the country’s economy,” He said on Monday (Jan 7) while exchanging views with finance ministry officials at the Secretariat after taking oath as the finance minister.

Kamal expressed optimism that the GDP growth rate in the current fiscal year (FY19) will reach near 8.5 percent surpassing the fiscal target of 7.8 percent.

“Bangladesh has achieved remarkable successes in the last ten years and the country has attained 41st position among the largest economies in the world in 2019, up from the 43rd position since last year, as per the UK based think tank ‘World Economic League Table’, said the finance minister.

If the country improves maintaining this trend, Bangladesh will reach within 20 countries in 2041 as per the largest economy in the world and the top 20 countries considers as developed countries, he added.

On the stock market, Kamal said the national election has brought confidence among the people, leading the capital market to upward trend.

He suggested strengthening the bond market for the business community to secure long term investment.