Bangladesh pushes for global debt restructuring

Staff Reporter
Bangladesh has called on the United Nations system to establish an international mechanism for debt restructuring, debt relief, debt suspension and sustainable debt solutions, arguing that such measures are crucial to helping developing countries cope with mounting fiscal pressures caused by the Middle East crisis and other global economic shocks.

Prime Minister’s Finance and Planning Adviser Dr Rashed Al Mahmud Titumir made the call during a meeting with UNICEF Deputy Executive Director for Humanitarian Action and Supply Operations Ted Chaiban at UNICEF House in New York on Friday, according to the Bangladesh Permanent Mission in New York.

State Minister for Planning Zonayed Saki also attended
the meeting.

Dr Titumir said developing countries required a more coordinated international response to rising debt burdens in order to maintain investment in children, women, education, healthcare and social protection while keeping progress towards the Sustainable Development Goals (SDGs) on track.

He noted that surging energy prices, supply chain disruptions and increasing debt obligations had significantly reduced Bangladesh’s fiscal space, placing additional pressure on public finances.

Despite these challenges, he said, the government remained committed to protecting vulnerable groups and advancing its vision of a democratic welfare state under the “Bangladesh First” philosophy.

Highlighting the government’s social protection agenda, Dr Titumir said Bangladesh was working towards a universal life-cycle-based social security system with women at the centre of development.

He said the proposed Family Card initiative would provide targeted support to women-led households and offer assistance throughout different stages of life, including pregnancy, childhood, education, disability and old age.

State Minister Zonayed Saki underscored the importance of developing reliable and integrated public data systems to improve service delivery.

He outlined the government’s proposed “One Child, One Card, One Number and One Wallet” strategy, aimed at strengthening birth registration, school enrolment and access to public services through a unified digital platform.

Saki also sought UNICEF’s support in enhancing teachers’ professional capacity through digital training and modern learning tools to improve the quality of education across the country.

In addition, he highlighted initiatives promoting multilingual education, sports, cultural activities, museum visits and extracurricular programmes as essential elements of children’s holistic development.

Ted Chaiban congratulated Bangladesh’s newly elected government and welcomed the country’s election to the presidency of the 81st Session of the United Nations General Assembly.

He praised the government’s efforts to safeguard vulnerable populations, particularly women and children, despite the country’s fiscal constraints.

Welcoming the priorities outlined during the meeting, Chaiban reaffirmed UNICEF’s commitment to deepening its partnership with Bangladesh in key areas, including education, early childhood development, nutrition, social protection, teacher capacity-building and child-focused data systems.

Dr Titumir’s call comes at a time when many developing economies are facing growing debt-servicing costs, tighter fiscal conditions and external economic shocks, increasing international debate over the need for more sustainable and coordinated global debt relief mechanisms.