Controlling inflation in the budget is govt's topmost priority: HPM Sheikh Hasina


Published on June 30, 2022
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Prime Minister Sheikh Hasina today said her government has attached the topmost priority on controlling the inflation rate in the budget against the backdrop of the ongoing Covid-19 pandemic coupled with the Russia-Ukraine war and disruption of supply chain.

Taking part in the discussion on the national budget for 2022-23 fiscal in the 18th session of the 11th parliament, she also asked all show austerity and make savings to get themselves protected.

"The budget has formulated giving importance on containing price inflation because of the rising trend of import bases price inflation due to the ongoing Covid-19 pandemic, the Russia-Ukraine war and disruption of the global supply chain," she said.

Sheikh Hasina, also Leader of the House, called upon the countrymen to show austerity in using water and electricity, saying, "We all have to show austerity and make savings to the best of our ability to get ourselves protected."

The Prime Minister asked all to make savings and thus contribute to the national savings alongside reducing all the unnecessary expenses and cancel purchasing import based luxurious goods and attach priority to buy only the necessary goods.

She said her government has been able to give such a large budget of Tk 6,78064 crore amidst the adverse situation that arose out of Coronavirus and the Russia-Ukraine war.

She added: "Many people couldn't think that we would be able to place it (the budget), but we've been able to do it."

The Premier extended her sincere thanks to the finance minister and all concerned involved in preparing the budget.

Sheikh Hasina expressed her firm determination to implement the budget, which is the 23rd national budget placed by the Awami League government since after the Liberation War and the 4th budget given during the current regime of AL government.

She said Bangladesh will have to go forward facing the adverse impacts of the war and coronavirus pandemic.

"We're making the impossible things possible by overcoming hundreds of obstacles home and abroad," she went on saying.

The Premier said Bangladesh has successfully been able to maintain economic progress despite the fact that many developed countries are facing difficulties due to global instability.

She also said her government is taking all required measures to control inflation due to the price-hike of goods in the global market.

Sheikh Hasina mentioned that the main strategy to keep the inflation under control would be -- raising the supply of goods and reducing the existing growth of demand, saying, "To reduce inflation is our big target."

About the much-hyped Padma Bridge recently opened to traffic, she said it would bring a revolutionary change in the communication system, which would ease the supply of goods largely and will also help reduce the inflation rate.

Noting that the government is discouraging the import of luxurious goods, she called upon all not to import the goods which are not very essential.

Sheikh Hasina said the government is taking measures to reduce dependency on imported goods.

To this end, the Prime Minister asked all to consume local products and services.

Sheikh Hasina told parliament the pandemic has caused a huge loss to the national economy and her government is trying to recoup the losses.

The Prime Minister said giving such a huge budget overcoming the losses is a great success of the Awami League government.

She said her government has given 28 stimulus packages worth about Taka 1,87,669 crore for the people of all walks of lives to overcome the pandemic challenges.

Sheikh Hasina said the country's foreign reserve currency has declined due to the increase of the import of goods, largely capital machineries and fertilizers after the Covid-19 restrictions.

She came up with the opinion that the country will be benefited soon after the installation of the capital machinery and related industries start operation.

"So, there is nothing to worry about it," she said.

The Premier said although reserve of dollars has declined slightly due to the reason, but it is not alarming.

She stated that reserve came down to US$ 41.2 billion which was US$ 48 billion during the Covid-19 pandemic period.

The Premier said the government has taken all possible measures to control the currency exchange rate.

She went on saying that the government enhanced the import duty on luxurious goods, suspended the foreign trips of the government officers and employees, strengthened the Bangladesh Bank's monitoring on illegal stock of dollars, and enhanced cash incentive to 2.5 percent on remittance inflow in legal channels.

The Premier said the government is not imposing the increased prices of fuels, electricity and gas on the people rather providing these at subsidized rates.

But the amount of the subsidy is very high, she added.

About the Padma Bridge, she said it was constructed with own finance of Bangladesh and it is becoming the symbol of country's pride and heroic ability of the Bengali nation.

Extending her sincere gratitude to the people of Bangladesh, she said, "Their courage is my only resource."

Against the backdrop of the fresh Covid-19 surge, she asked all to maintain the health protocols accordingly likewise the past to check it and take booster dose of the lethal virus.

Regarding Bangladesh's graduation from a least developed country, the Premier said Bangladesh will be able to overcome the post-graduation challenges with remarkable success.

"I hope that Bangladesh will set an example for development as a developing country across the world," she said.

She said her government has taken all the required preparations that included generating new emoluments, maintaining growth rate in GDP and increase investment by flourishing local businesses alongside simplifying businesses.