Planning Minister MA Mannan today (September 6, 2022) said that prices of essentials have to be kept within the purchasing capacity of lower income groups. He said this at ‘Development Dialogue' organized by the Development Journalists Forum of Bangladesh (DJFB) at the NEC conference hall in Dhaka. The minister said due to Russia-Ukraine war, food and energy prices have shot up globally and the main challenge for the economy now is to maintain social stability. Read: Economy moving to comfortable zone as inflation eases: Planning minister The planning minister said, “I will be happy if dollar price does not cross Tk 100.” Replying to a query, Mannan said, “Corruption is visible in society. Many efforts continue to reduce corruption in the government projects. Once the project is approved, the responsibility of implementation goes to the executive department. So I can’t do much even if I want to.” However, corruption has reduced somewhat due to various initiatives of the government, the minister said. Read How the record hike in fuel prices manifested in Dhaka’s kitchen markets

Planning Minister MA Mannan on Sunday said the economy is facing tough challenges now, and social stability is a must in such a situation to implement a budget whatever its size. Bangladesh Bank and National Board of Revenue are working under pressure to control inflation and keep fortunes of fixed and lower-income segment stable, he said. Also read:Growing per capita income contributed to reduce child marriage: Planning Minister Mannan said this while speaking as the chief guest in the post-budget discussion organized by American Chamber of Commerce in Bangladesh (AmCham), held in a hotel in Banani on Sunday. Former adviser of a caretaker government AB Mirza Azizul Islam, Ahsan H. Mansur, Executive Director, Policy Research Institute of Bangladesh (PRI), and Masrur Reaz, Chairman of Policy Exchange, Bangladesh spoke on the occasion. Mirza Aziz said the budget size is acceptable but allocation in different sectors needs to be revised considering present economic challenges. He also urged reform of the NBR and bond market, both of which need modernization and reformation to attract investment as well as foreign direct investment. Ahsan H Mansur presented a keynote paper on different sides of the proposed budget and illustrated that two major problems have emerged: sharply widened trade account deficit due to a surge in imports leading to an unsettled foreign exchange market, and inflationary pressure. Also read:Now is good time to invest in Bangladesh: Planning Minister Global price shock in the aftermath of the pandemic due to the ongoing Russia-Ukraine war has led to a decline in inflow of workers’ remittances following reopening of international travel and the widening of the gap between the kerb market and interbank “exchange rate,” he added. Slow and inadequate flexibility in the exchange rate and the inability to use monetary policy given the interest rate caps on the lending and deposit rates, are acting as restraints on policy, he said.