Practise austerity as much as you can
Prime Minister Sheikh Hasina yesterday told parliament that the budget has attached the highest importance to measures to control inflation in the upcoming fiscal year.
"I think the budget has succeeded in giving the highest priority to steps to face inflation caused by the current global instability and the pandemic."
She was taking part in the general discussion on the proposed national budget for the 2022-23 fiscal.
Hasina advised people to take austerity measures in the wake of global inflation. She said everyone should do as much as possible from his or her own position regarding austerity.
"Everyone has to increase their own savings; everyone has to be economical. Everyone has to protect themselves by saving something by practising austerity," she said.
Noting that the government is discouraging the import of luxurious goods, Hasina urged all not to import goods which are not very essential.
She said the government would take proper steps to reduce dependency on imported goods. In this context, she urged all to prioritisethe consumption of local products and services.
The premier said the government has been able to placesuch a large budget of Tk 6,78,064 crore despite an adverse situation caused by the Ukraine war following the Covid-19 pandemic.
"Many people couldn't thinkthat we would be able to place it [the budget], but we've been able to do so.
"We'll be able to implement the budget, placed for the 2022-23 fiscal year, successfully with all-out support of the people," said Hasina.
She added that Bangladesh will have to go forward facing the adverse impacts of the war and pandemic, and will be able to do so.
"We're making the impossible things possible by overcoming hundreds of obstacles at home and abroad."
Bangladesh has successfully been able to maintain its economic progress when many developed countries are facing difficulties due to global instability, Hasina mentioned.
She said the government is taking all necessary measures to control inflation due to price hike of goods in the global market.
Hasina said the main strategy to keep inflation under control would beraising the supply of goods. "To reduce inflation is our big target."
She said the recently opened Padma Bridge to traffic, which brought a revolutionary change in the communication system, is easing the supply of goods to a great extentand will also help reduce the inflation rate.
The country's reserves of foreign currencies have declined as the import of goods, largely capital machinery and fertiliser, went up after the easing of Covid-19 restrictions, she said.
The PM said the country would get benefits when the capital machinery would be installed and the related industries go into operation. "So, there is no need to worry about it," she added.
The government is not imposing the increased prices of fuel, electricity and gas on the people, but insteadproviding these at subsidised rates. But the subsidy amount is very high, she added.
Hasina extended her sincere thanks to the finance minister and all others who were involved in the budget preparation.
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