Govt extends Finance Secretary Khairuzzaman’s tenure by a year

The government has extended Finance Secretary Khairuzzaman Majumder’s tenure by appointing him on a contractual basis for another year, effective from the date he joins the post, as his regular service tenure ended today (26 October).

The Ministry of Public Administration issued a notification to this effect today.

Under the notification, Khairuzzaman has been appointed finance secretary for one year under Section 49 of the Government Service Act, 2018. The appointment is subject to the suspension of his post-retirement leave and related benefits, as well as the termination of any employment relationship with another profession, business, or government, semi-government or autonomous institution.

The notification said the order had been issued in the public interest.

Sources at the Ministry of Public Administration said the decision was made in view of the country’s economic situation, ongoing discussions with the International Monetary Fund (IMF) and the World Bank, and major policy decisions, including a planned change to the fiscal year.

Bangladesh is facing challenges from high inflation, constraints on revenue collection, weaknesses in the banking sector, and efforts to boost investment and economic growth.

Against this backdrop, the government is pursuing measures to reform the economy, restore discipline in the financial sector, and increase revenue collection.

Recently, discussions on Bangladesh’s economic reforms and a new lending programme took place on the sidelines of the IMF and World Bank annual meetings in Bangkok, Thailand.

Finance Minister Amir Khasru Mahmud Chowdhury has said that talks with the IMF on a new lending programme will continue for several months. The discussions also cover banking sector reforms, increasing the tax-to-GDP ratio, and the timing and sequencing of various reform measures.

Meanwhile, preparations are under way to shift Bangladesh’s fiscal year from July–June to April–March, in line with a government decision.

The change will require adjustments to budget preparation, revenue collection, government accounting, and relevant laws and regulations.

Under the plan, the 2027–28 fiscal year will be a nine-month transitional period, with the first full fiscal year under the new system beginning on 1 April 2028.

Against this backdrop, the officials concerned consider continuity in the Finance Division’s leadership important for implementing major economic policy decisions.