Interim govt leaving behind $29bn in reserves: Press Secretary

The interim government is leaving behind $29 billion in foreign exchange reserves, sufficient to cover six months of food imports, Shafiqul Alam, press secretary to the chief adviser, said on Sunday (February 15).

Speaking at a press conference at the Foreign Service Academy on Bailey Road after an advisory council meeting, he said reserves stood at around $15 billion when Dr. Muhammad Yunus assumed office on August 5, 2024.

Alam claimed the banking sector was then “virtually dysfunctional,” with several banks facing insolvency, but government measures helped raise reserves to $29 billion.

He said the outgoing administration is handing over the economy in a stable condition, with enough reserves to finance at least six months of food imports.

On human rights, Alam said there had been no enforced disappearances in the past 18 months, adding that the government had faced significant political challenges while pursuing reforms and establishing necessary legal frameworks.

He also said the interim administration made progress in economic recovery, stabilising the banking sector and advancing administrative reforms during its tenure.