Controlling inflation top priority in budget: PM

Prime minister Sheikh Hasina on Wednesday 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 national parliament, she also asked all to show austerity and make savings to protect themselves.

“The budget was formulated giving importance on containing price inflation because of the increasing trend of import based price inflation due to the ongoing Covid-19 pandemic, the Russia-Ukraine war and disruption of the global supply chain,” she said.

Sheikh Hasina 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 abilities to protect ourselves.”

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 luxury goods and attach priority to buy only necessary items.

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

She added: “Many people couldn’t imagine that we would be able to place it (the budget), but we’ve been able to do it.”

The PM extended her sincere gratitude 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 the liberation war and the 4th budget given during the current tenure of the 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 possible by overcoming hundreds of obstacles home and abroad,” she went on to say.

The PM said Bangladesh has successful in maintaining 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 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.