Ministry of Finance (Bangladesh)
The Ministry of Finance (MoF) of Bangladesh is a cabinet-level ministry of the Government of Bangladesh responsible for the management of the country's finances, including taxation, economic regulation, and financial institutions. It plays a central role in formulating and implementing economic policies aimed at achieving sustainable and inclusive growth.
The Ministry is headed by the Minister of Finance, a high-ranking member of the Cabinet. Day-to-day operations are managed by the Senior Secretary of Finance, the top civil servant in the Ministry.
Key functions of the Ministry of Finance include:
- Budget Formulation and Execution: The MoF is responsible for preparing the annual national budget, allocating resources to different sectors, and monitoring the execution of the budget.
- Tax Policy and Administration: The Ministry formulates tax policies, manages tax collection through the National Board of Revenue (NBR), and oversees customs and excise duties.
- Economic Management: The MoF analyzes macroeconomic trends, formulates economic policies, and manages the country's foreign exchange reserves.
- Financial Sector Regulation: The Ministry oversees the banking sector, insurance companies, and other financial institutions, ensuring their stability and compliance with regulations. This is often done through autonomous bodies like the Bangladesh Bank.
- Public Debt Management: The MoF is responsible for managing the country's public debt, both domestic and external.
- Relations with International Financial Institutions: The Ministry represents Bangladesh in international financial institutions such as the World Bank, the International Monetary Fund (IMF), and the Asian Development Bank (ADB).
The Ministry of Finance is divided into several divisions, each responsible for a specific area of financial management. These divisions typically include:
- Finance Division
- Internal Resources Division (IRD) - overseeing the NBR
- Economic Relations Division (ERD)
- Bank and Financial Institutions Division