Economy under pressure, but not severe: Finance Minister

Finance minister Abul Hassan Mahmood Ali on Thursday said that the economy is quite under pressure in terms of interest payment of debt, but the situation is not that severe.

Due to the global effects and the Ukraine-Russia war the domestic economy has been under stress slightly, he said adding that the government is trying to overcome it.

The finance minister said this to reporters after a meeting with Abdusattor Esoev, Chief of Mission of the International Organisation for Migration (IOM) in Bangladesh, at the Economic Relations Division (ERD) in the capital on Thursday.

“The IOM deals with overseas migrants. They work to bring in expatriates. They will continue such support in the future,” he said.

In response to a question regarding inflation, the minister said, “There is some discomfort with inflation. It decreases for one item but increases for another. What to do by force? Be patient, everything will be fine.”

According to Economic Relations Division (ERD) data, Bangladesh paid a total of USD 2.67 billion in interest and principal on loans to various development partners in the fiscal year 2022-23 (FY23), compared to USD 2.01 billion in the previous fiscal year.