In the face of severe oppostion criticism in parliament for his alleged failure to control price hike of the essential commodities Commerce Minister Tipu Munshi on Monday offered to resign if  the prime minister gives the responsibility of running the ministry to one of the opposition MPs. Gonoforum MP Mokabbir Khan fired the first shot against Tipu Munshi during the discussion on proposed  cut motion on the Ministry of Commerce in the budget for FY2023-24. Jatiya Party MPs also criticised the commerce minister for the rising prices of daily products. They also raised the question whether the 'business' minister, Tipu Munshi, is involved with the market syndicate or not. Cow rawhide price increases by 6 percent this year: Tipu Munshi Rustam Ali Faraji of Jatiya Party said in the discussion on the retrenchment proposal, what does the monitoring cell of the ministry do?  “Such a big ministry. If the minister does not have dynamism then the price will increase. If only one person works and everyone sleeps, then the country will not run. Market syndicates should be broken up. It is certainly possible if desired. But if you think the business belongs to me then it is sad for the country and its people.” Jatiya Party's Shamim Haider Patwari said that even though the commodity prices have decreased in global markets in the last few months, it is not affecting the country.  Avoid excessive buying to keep markets stable: Commerce Minister “Inflation in Bangladesh was 6 percent now it seems to be 10 percent. It is growing. Inflation is eating away people's income. Due to inflation, soap, bread are all getting smaller," he said. He mentioned that making the government budget and household budget are not the same thing.  He said that the budget of the government is decreasing and due to this rice, pulses, oil, chicken size and meat pitches are getting smaller.  “The economy of Bangladesh is trapped in a vicious cycle of inflation. The government should take steps to overcome this," he said. “There are syndicates. There is no doubt about it. That syndicates are powerful. But are they stronger than the government? I don't think they can be stronger than the government. If there is a syndicate within the government, it must be identified," he said. Bangladesh allows green chilli import as price keeps rising He said that the minister has a vast business.  “He is a successful businessman. I believe that if he is given the freedom to act, then he can definitely control it," said he. Gonoforum MP Mokabbir Khan said that the most unsuccessful ministry of the current government is the Ministry of Commerce.  “When you go to the market, you hear from people that the Ministry of Commerce is so unsuccessful that people call it a syndicate friendly ministry.” With higher spice prices, consumers feeling the pinch this Eid-ul-Azha Alleging the involvement of a syndicate of traders to increase the price of goods, Mokabbir said that many people said that the commerce minister was involved. “Why don't you resign after all this?” Mokabbir asked the the commerce minister. Mokabbir said that when the commerce minister says that the price of a product will decrease, the price of that product increases the next day.  He said that he knows that the minister will not give any answer. Spice prices soar in Faridpur ahead of Eid-ul-Azha Jatiya Party Member of Parliament Roshan Ara Mannan said that people get upset when they go to the market.  “The Ministry of Commerce is not monitoring the market properly. The commerce minister is a freedom fighter. Why can't he control the market ?” Jatiya Party lawmaker Pir Fazlur Rahman said that the minister of state for industries said that people cry when they go to market, and the only reason is the syndicate. “People also understand this. The Russia-Ukraine war alone should not be blamed for the rise in commodity prices. The syndicate has looted thousands of rupees in the egg market. Chicken eggs do not come from Ukraine.” Forex reserves likely to increase due to govt steps: PM Hasina tells Parliament He said that the commerce minister has said that some traders are taking advantage of the product prices.  “Our commerce minister can not arrest the syndicate people who raise prices. He himself is a businessman. He knows which businessmen are doing it. So are these businessmen close to him, which is why he can't catch the syndicate businessmen?” He demanded that the commerce minister should say publicly why he is not able to do that. Pir Fazlu said that Tk 1500 crore has been looted in the onion market.  “A few companies are looting Tk 17 crore daily in the sugar market. Thousands of crores of taka has been looted in boiler chicken market in a month and a half. The commerce minister can't do anything.” Tipu Munshi said that it is possible to take actions against the market syndicate including jail and fine.  “There is talk of syndicate. It's just that big groups do a lot of business together. We need to focus - we jailed, fined. That might be possible. But it will be difficult for us to bear the sudden crisis. That's why we try to stay within the rules through discussion,” he said. Referring to his involvement in politics long before coming to business,  Tipu said, "One thing that comes up time and again is that I am a businessman and businessmen are taking advantage of me. I don't know how many years of experience they have in politics. But I have been in politics for 56 years. I have been in business for 40/42 years now.” Responding to Mokabbir's demand, the minister said, "Someone here asked me to resign. I will tell the honorable prime minister that if he (Mokabbir) takes responsibility, she can relieve me and give the responsibility to him. I have no problem.” Tipu said that the price has increased and the prime minister repeatedly says that people are suffering.  He mentioned that the global situation has affected the country, not the internal causes. “we have to take that into consideration." Talking about the onion price, the minister said, there is no doubt that the price has increased. Onions have been mentioned. We discussed with the Ministry of Agriculture and decided that farmers should get a price that encourages them to grow.  He mentioned that in onion, the country has a shortfall of 6 to 7 lakh tonnes every year.  “Farmers will focus on production if the price is better. By this step our deficit is reduced by half. But it should not be exactly Tk 80 to 90 per kg. That is why we have arranged the import," he said  He said that the government did not want to import onion for ensuring fair price to the local farmers.  “But we imported on the instructions of the prime minister. Imported Indian onions are now Tk 40/45 per kg. Today, the price of our desi onion is Tk 65. I think it should be reduced further. we are trying. Within 10/15 days it will come to within Tk 50 a kg” The minister said that everything is not fixed by the Ministry of Commerce.  “I am still taking responsibility and we are trying our best to do what we can," he stated. Regarding sugar price surge, he said  he has requested the prime minister to reduce the duty structure to bring down the price within Tk 100 a kg.    

Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide. Higher oil prices would help fill Russian President Vladimir Putin's coffers as his country wages war on Ukraine and force Americans and others to pay even more at the pump amid worldwide inflation. It was also likely to further strain ties with the United States, which has called on Saudi Arabia and other allies to increase production as it tries to bring prices down and squeeze Russia's finances. The production cuts alone could push U.S. gasoline prices up by roughly 26 cents per gallon, in addition to the usual increase that comes when refineries change the gasoline blend during the summer driving season, said Kevin Book, managing director of Clearview Energy Partners LLC. The Energy Department calculates the seasonal increase at an average of 32 cents per gallon, Book said. So with an average U.S. price now at roughly $3.50 per gallon of regular, according to AAA, that could mean gasoline over $4 per gallon during the summer. However, Book said there are a number of complex variables in oil and gas prices. The size of each country's production cut depends on the baseline production number it is using, so the cut might not be 1.15 million. It also could take much of the year for the cuts to take effect. Demand could fall if the U.S. enters a recession caused by the banking crisis. But it also could increase during the summer as more people travel. Even though the production cut is only about 1% of the roughly 100 million barrels of oil the world uses per day, the impact on prices could be big, Book said. Also Read: As Biden weighs Willow, he blocks other Alaska oil drilling “It's a big deal because of the way oil prices work,” he said. “You are in a market that is relatively balanced. You take a small amount away, depending on what demand does, you could have a very significant price response.” Saudi Arabia announced the biggest cut among OPEC members at 500,000 barrels per day. The cuts are in addition to a reduction announced last October that infuriated the Biden administration. The Saudi Energy Ministry described the move as a “precautionary measure” aimed at stabilizing the oil market. The cuts represent less than 5% of Saudi Arabia's average production of 11.5 million barrels per day in 2022. Also Read: Oil giant Saudi Aramco has profits of $161B in 2022 Iraq said it would reduce production by 211,000 barrels per day, the United Arab Emirates by 144,000, Kuwait by 128,000, Kazakhstan by 78,000, Algeria by 48,000 and Oman by 40,000. The announcements were carried by each country's state media. Russia’s Deputy Prime Minister Alexander Novak meanwhile said Moscow would extend a voluntary cut of 500,000 until the end of the year, according to remarks carried by the state news agency Tass. Russia had announced the unilateral reduction in February after Western countries imposed price caps. All are members of the so-called OPEC+ group of oil exporting countries, which includes the original Organization of the Petroleum Exporting Countries as well as Russia and other major producers. There was no immediate statement from OPEC itself. The cuts announced in October — of some 2 million barrels a day — had come on the eve of U.S. midterm elections in which soaring prices were a major issue. President Joe Biden vowed at the time that there would be “consequences” and Democratic lawmakers called for freezing cooperation with the Saudis. Both the U.S. and Saudi Arabia denied any political motives in the dispute. Since those cuts, oil prices have trended down. Brent crude, a global benchmark, was trading around $80 a barrel at the end of last week, down from around $95 in early October, when the earlier cuts were agreed. Analysts Giacomo Romeo and Lloyd Byrne at Jefferies said in a research note that the new cuts should allow for “material” reductions to OPEC inventory earlier than expected and could validate recent warnings from some traders and analysts that demand for oil is weakening. Kristian Coates Ulrichsen, a Gulf expert at Rice University's Baker Institute for Public Policy, said the Saudis are determined to keep oil prices high enough to fund ambitious mega-projects linked to Crown Prince Mohammed bin Salman's Vision 2030 plan to overhaul the economy. “This domestic interest takes precedence in Saudi decision-making over relationships with international partners and is likely to remain a point of friction in U.S.-Saudi relations for the foreseeable future,” he said. Saudi Arabia's state-run oil giant Aramco recently announced record profits of $161 billion from last year. Profits rose 46.5% when compared to the company’s 2021 results of $110 billion. Aramco said it hoped to boost production to 13 million barrels a day by 2027. The decades-long U.S.-Saudi alliance has come under growing strain in recent years following the 2018 killing of Saudi dissident Jamal Khashoggi, a U.S.-based journalist, and Saudi Arabia's war with the Iran-backed Houthi rebels in Yemen. As a candidate for president, Biden had vowed to make Saudi Arabia a “pariah” over the Khashoggi killing, but as oil prices rose after his inauguration he backed off. He visited the kingdom last July in a bid to patch up relations, drawing criticism for sharing a fistbump with Crown Prince Mohammed. Saudi Arabia has denied siding with Russia in the Ukraine war, even as it has cultivated closer ties with both Moscow and Beijing in recent years. Last week, Aramco announced billions of dollars of investment in China's downstream petrochemicals industry.

The price hike of daily essentials has put the people in Khulna district, especially low-income families, under pressure ahead of Ramadan, the holy month that will begin from Friday. Prices of essential commodities including pulses, chickpea, puffed rice, flattened rice, edible oil, sugar, onion, garlic, potato, dates, fruits and other items used for iftar have already seen a rise, but some traders say the market is “normal” compared to the previous year. Low-income people are worried about meeting their daily needs. During a recent visit to markets in Khulna city, including Moilapota, Dakbungalow, New Market, Chitrali and Doulatpur areas, UNB’s correspondent noted sky-rocketing price of dates, an item generally consumed during iftar, is forcing many to buy in far less amount compared to previous years. Also read: How the record hike in fuel prices manifested in Dhaka’s kitchen markets One kg of Ambar dates is being sold at Tk 1500 while the price of one kg Ajwa dates is Tk 1000, Mariam dates is Tk 900, Sukkari dates is Tk 750, Medjool (big) dates is Tk 1300. Unripe dates are being sold at Tk 500 per kg. Besides, one kg of green apple is being sold at Tk 320-350, Fuji apple Tk 260-300 per kg, pomegranate Tk 350-400 per kg, orange Tk 220 per kg and malta at 220 per kg. Meanwhile, five litres of edible oil is being sold at Tk 900, two litres of edible oil is being sold at Tk 370, one kg of local pulses is being sold at Tk 140, chickpeas Tk 85, sugar Tk 115, potato Tk 25, chickpea powder Tk 110, puffed rice half kg packets being sold at Tk 70, flattened rice Tk 60-65, onion Tk 35, and garlic Tk 100 per kg. Also read: Spice prices shoot up ahead of Eid despite sufficient stock Mainul Islam, who works at a private company, said, “Prices of daily essentials are usually hiked before Ramadan begins, but this year the situation is unbearable. One kg of chicken is being sold at Tk 250 while beef at Tk 700. How can I meet the daily needs of my family with my salary that hasn’t gone up to match these prices?” Prices of vegetables have also increased. None was below Tk 50-60 per kg, he said.   Mamun, a roadside vendor, said, “Every year, my family and I fast during Ramadan. This year, it’ll be difficult for us to have meat with rice.” Meanwhile, price of bananas — that are eaten during iftar and sehri — has also gone up. One dozen medium sized bananas are being sold at Tk 80-120 while large bananas are being sold at Tk 140-150 per dozen. Recently, the government asked deputy commissioners to monitor markets strictly during the month of Ramadan and take legal measures if necessary. Prime Minister Sheikh Hasina has asked all to be vigilant against the hoarding of foods and the black-marketing of these commodities during the holy month.  

Commerce Minister Tipu Munshi has said the government has enough stock of daily commodities and there is no scope of hike in their prices during the holy month of Ramadan. "We've got sufficient oil, sugar, chickpeas, and other essential commodities in stock. There’s no scope to increase prices,” he told reporters after a meeting of Task Force committee on commodity prices and market monitoring at the commerce ministry on Sunday. He said the government has taken all necessary measures to keep the prices of essential goods under control during Ramadan. Also Read: Dates, fruits to be more costly during Ramadan due to LC opening crisis The minister said the government is working to keep the prices of eggplant, cucumber, lemon, and chicken under control during the holy month. “Meetings at various levels have been held in the past 15 days to keep the prices of Ramadan goods under control,” he said. He also mentioned strict vigilance has been ensured to prevent extortion during the transportation of these products. Also Read: If people don’t buy in excess, there will be no price hike of essentials ahead of Ramadan: Tipu Munshi “No extortion will be tolerated on roads and highways during Ramadan,” he said. He also said onion price is now at tolerable level and imports have been slowed down a little bit to give farmers a fair price. Also Read: During holy Ramadan, some profit-mongers hike prices and cause public sufferings: PM He said that the market will be closely monitored during Ramadan. “Some may attempt to take advantage of the situation. Anyone who will try to take advantage will face consequences,” he added.      

Bangladesh's Prime Minister Sheikh Hasina today (March 11, 2023) asked the business community leaders to find ways to bring commodity prices to a normal level.  “Considering public suffering, the business community leaders will have to find ways to bring prices of essentials to a normal level. Otherwise, you will lose your markets,” she said. The premier said this while inaugurating Bangladesh Business Summit-2023 at Bangabandhu International Conference Centre in the city. Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), in partnership with Ministry of Foreign Affairs, Commerce Ministry and Bangladesh Investment Development Authority (BIDA), is arranging the three-day summit. Read More: If people don’t buy in excess, there will be no price hike of essentials ahead of Ramadan: Tipu Munshi Sheikh Hasina said people are going through a very difficult time due to high prices of essentials and inflationary pressure. She said developing countries like Bangladesh as well as developed countries are facing severe problems due to price hike of essentials and high inflation caused by the Russia-Ukraine war, economic sanctions and counter-sanctions following the Covid-19 pandemic. Ministers from seven countries including the United Kingdom, the Kingdom of Saudi Arabia, China, Bhutan and the United Arab Emirates, CEOs of 12 multinational companies, and more than 200 foreign investors and business leaders from 17 countries are participating in the business summit. Read more: 'Business Summit to help brand Bangladesh's identity, manufacturing prowess to foreign investors' Foreign Minister Dr AK Abdul Momen, Commerce Minister Tipu Munshi, PM's Private Industry and Investment Affairs Adviser Salman Fazlur Rahman, Saudi Arabian Minister of Commerce Dr. Majid bin Abdullah Al-kassabi, Bhutanese Minister of Commerce and Employment Karma Dorjia and Deputy Director General of World Trade Organisation (WTO) Xiangchen Zhang spoke at the opening function, while FBCCI President Md Jashim Uddin delivered the welcome speech. The Business Summit is being organized as a part of the FBCCI's 50th founding anniversary celebrations with the aim of creating new opportunities for trade and investment by showcasing the country's economic potential before a global audience. The Business Summit will showcase dynamic investment opportunities and improvements to the local business climate while also giving insights into investment priorities of global investors to improve policymaking. Read more: PM to inaugurate Bangladesh Business Summit on Saturday

The outlook for the global economy is growing slightly brighter as China eases its zero-COVID policies and the world shows surprising resilience in the face of high inflation, elevated interest rates and Russia's ongoing war against Ukraine. That's the view of the International Monetary Fund, which now expects the world economy to grow 2.9% this year. That forecast is better than the 2.7% expansion for 2023 that the IMF predicted in October, though down from the estimated 3.4% growth in 2022. The IMF, a 190-country lending organization, foresees inflation easing this year, a result of aggressive interest rate hikes by the Federal Reserve and other major central banks. Those rate hikes are expected to slow the consumer demand that has driven prices higher. Globally, the IMF expects consumer inflation to decelerate from 8.8% last year to 6.6% in 2023 and 4.3% in 2024. A big factor in the upgrade to global growth was China’s decision late last year to lift anti-virus controls that had kept millions of people at home. The IMF said China’s “recent reopening has paved the way for a faster-than-expected recovery.’’ Read more: UN forecasts fall in global economic growth to 1.9% in 2023 The IMF now expects China's economy — the world’s second-biggest, after the United States — to grow 5.2% this year, up from its October forecast of 4.4%. Beijing's economy eked out growth of just 3% in 2022 — the first year in more than 40, the IMF noted, that China has expanded more slowly than the world as a whole. But the end of virus restrictions is expected to revive economic activity in 2023. The IMF's 2023 growth outlook improved for the United States (forecast to grow 1.4%) as well as for the 19 countries that share the euro currency (0.7%). Europe, though suffering from energy shortages and higher prices resulting from Russia's invasion of Ukraine, proved “more resilient than expected,’’ the IMF said. The European economy benefited from a warmer-than-expected winter, which held down demand for natural gas, Russia's economy, hit by sanctions after its invasion of Ukraine, has proved sturdier than expected, too: The IMF's forecast foresees Russia registering 0.3% growth this year. That would mark an improvement from a contraction of 2.2% in 2022. And it's well above the 2.3% contraction for 2023 that the IMF had forecast for Russia in October. The United Kingdom is a striking exception to the IMF's brighter outlook for 2023. It has forecast that the British economy will shrink 0.6% in 2023; in October, the IMF had expected growth of 0.3%. Higher interest rates and tighter government budgets are squeezing the British economy. Read More: Global economic growth will slow down in 2023, but will pick up in 2024: IMF chief “These figures confirm we are not immune to the pressures hitting nearly all advanced economies,’’ Chancellor of the Exchequer Jeremy Hunt said in response to the IMF forecast. “Short-term challenges should not obscure our long-term prospects — the U.K. outperformed many forecasts last year, and if we stick to our plan to halve inflation, the U.K. is still predicted to grow faster than Germany and Japan over the coming years.” The IMF noted that the world economy still faces serous risks. They include the possibility that Russia's war against Ukraine war will escalate, that China will suffer a sharp increase in COVID cases and that high interest rates will cause a financial crisis in debt-laden countries. The global outlook has been shrouded in uncertainty since the coronavirus pandemic struck in early 2020. Forecasters have been repeatedly confounded by events: A severe if brief recession in early 2020; an expectedly strong recovery triggered by vast government stimulus aid; then a surge in inflation, worsened when Russia's invasion of Ukraine nearly a year ago disrupted world trade in energy and food. Three weeks ago, the IMF’s sister agency, the World Bank, issued a more downbeat outlook for the global economy. The World Bank slashed its forecast for international growth this year by nearly half — to 1.7% — and warned that the global economy would come “perilously close’’ to recession. Read More: IMF expected to approve Bangladesh’s $4.5 billion loan package on Monday

The government has increased sugar price again, by Tk 5 per kg, which will be effective from February 1, 2023. As per discussion with the commerce ministry, a circular has been issued today (January 26, 2023) by the executive secretary of Bangladesh Sugar Refiners Association. After the price hike, the maximum retail price of unpackaged sugar will be Tk 107 while the price of packaged sugar will be Tk 112. Read more: 1250MT sugar on 42 trucks from India stuck at Benapole for a month “Taking into account the price increase in the international market and the exchange rate of the US dollar and the production cost going up, the price of unpackaged sugar per kg has been set at Tk 107 and packaged sugar at Tk 112 per kg – subject to discussion with the Ministry of Commerce,” the notification said. Earlier, the government increased the retail price of sugar in November 2022. Currently, the price of packaged sugar is Tk 107 and unpackaged sugar Tk 102 per kg. In the market, however, unpackaged sugar is sold at Tk 110 and packaged sugar at Tk 120 per kg. The retailers have blamed wholesalers for increasing the sugar price. Read More: Production stops at Joypurhat Sugar Mills for want of sugarcane

The Consumers Association of Bangladesh (CAB) said that the cost of living in the capital Dhaka increased by 11.08 percent in 2022. The report released on Saturday said that around 17 products have directly contributed to the rise in inflation as well as the cost of living last year. The urban lower-income group of people has compromised their diet chart and lifestyle due to the increase in the prices of essential commodities, fish and meat. The report was presented on behalf of CAB by Mahfuz Kabir, research director of the Bangladesh Institute of International and Strategic Studies (BIISS). Read More: Inflation report could show another month of cooling prices According to the report, the cost of living in the capital increased by 6.88 percent in 2020 and 6.5 percent in 2019. Dr Kabir has prepared the result, which was collected from 11 markets across Dhaka (Dhaka North and South City Corporation). It has covered 141 food items, 49 non-food items and 25 services. Rice, flour, pulses, bakery products, sugar, fish, eggs, domestic poultry, edible oil, imported fruits, tea and coffee, local and imported milk, washing and personal hygiene items, and transport costs are included in the CAB price monitoring. The CAB has proposed policy recommendations in the analysis of inflation trends. In the recommendations, the association said the government has increased support under subsidised food aid and social protection to reduce inflationary pressure on the poor and disadvantaged. But the government should extend social protection schemes in urban areas to protect low and middle-income consumers from rising inflationary pressures. Read more: Keep essentials' prices within reach: CAB The government has significantly increased OMS activities during Covid-19, which has been extended further in 2022 to protect these consumer groups from the economic slowdown and inflationary woes. But there is an inadequacy of food supply through OMS against extremely high demand and a lack of proper monitoring to ensure equitable distribution of OMS food products among low-income people. The CAB recommendation has also opposed the decision to increase gas and fuel oil prices at the retail level as the bulk price hike of gas and oil would affect lower-income people. CAB President Golam Rahman. Vice President SM Najer Hossain, General Secretary Advocate Humayun Kabir Bhuiyan, joint secretary Dr. Md. Shahnewaz Chowdhury, and Md. Qazi Abdul Hannan were also present at the press conference held virtually. Read more: CAB urges govt to readjust edible oil prices

The Left Democratic Alliance's Barisal district committee held a protest march and rally today calling for the overthrow of the government, establishment of democracy, right to vote, an end to gas and electricity price hikes, and lower pricing of daily essentials. Alliance leaders who spoke at the rally said that the current Awami League regime has strengthened their party's looters in the name of development. “They made their second abode in Canada, known as Begum Para. This government has increased the price of electricity 11 times in the last 14 years.   They will not be saved, no matter how much this illegitimate government talks about development,” said the speakers. Also Read: Revoke power price hike or face street protests: BNP to govt  The district coordinator of the Left Democratic Alliance, Professor Dulal Chandra Majumdar presided while the district president of the Communist Party of Bangladesh, Professor Mizanur Rahman, the district general secretary of the Revolutionary Communist League, Professor Nripendra Nath Barai, and the district member secretary of BASAD, Dr. Manisha Chakraborty, spoke among others. The program was held at 11am on Saturday in front of Ashwini Kumar Hall in the city. A protest march was held in the city following the rally.  

The government of Bangladesh has been compelled to pull down its projections for expenditure in the coming couple of years – in light of the changed economic reality brought about mainly by the Russia-Ukraine war and its aftermath of sanctions and counter-sanctions. In its projections for the 2021-22 budget, the government had projected its total expenditure at 17 percent of GDP for the next two fiscals, i.e. 2022-23 and 2023-24. However, in preparing the budget for 2022-23, the government has estimated expenditure at 15.2 percent of GDP for the 2022-23 fiscal, while it will be 15.5 percent for the 2023-24 fiscal. By 2024-25, as per a budget document, the target for expenditure has been set at 15.6 percent of GDP. Read more: Austerity is on but people will get electricity: PM The government in the last fiscal, 2021-22, had set the expenditure target at 17.5 percent, but it was revised to 14.9 percent. This is part of the government’s austerity drive in terms of expenditure, given all the forecasts that the world is heading towards an economic recession in 2023.  According to the document, government expenditure was 13 percent of GDP in 2020-21 fiscal. As per the document, with successful implementation of reforms in Public Financial Management, government expenditure kept increasing since the 2015-16 fiscal. Read more: PM reiterates call to practice austerity in all spheres of life It also mentioned that the Annual Development Programme (ADP) was 4.5 percent of the GDP in the 2020-21 fiscal. In the current fiscal, the government plans to allocate 5.5 percent of the GDP for the ADP while it is 6.3 percent for 2022-23 and 6.4 percent for 2024-25. The document is revealing in how large the Russia-Ukraine conflict looms in the government’s calculations, and the challenges posed in its wake. The “unprecedented” price hike in the international energy market, food supplies and other essential commodities alongside the widespread disruption in international supply chains have adversely affected the global economy, including Bangladesh. Read More: Govt focuses on less current expenditure and increased capital spending: official document The conflict is likely to emerge as a new obstacle in the way of achieving development targets, as well as full recovery from the COVID-19 crisis. The prices of essential import commodities for Bangladesh like oil, gas, fertiliser, edible oil, etc. have skyrocketed in the international market. According to Finance Division estimate, only nine essential commodities (crude and refined oil, LNG, wheat, fertiliser, palm oil, coal, soybean oil, maize and rice) imported to Bangladesh will cost an additional USD 8.2 billion in 2022, considering the rise in their prices over that in 2021. The other key import items like consumer goods, capital machineries and industrial raw materials have also seen significant price escalations in the international market. In addition, the costs of international logistics are on the rise. Import-induced inflation, therefore, is gradually emerging as a major concern for Bangladesh Government. Read More: Govt spending on public servants is to rise next fiscal