United News of Bangladesh

Finance Adviser Dr Salehuddin Ahmed has assured that the government will take all necessary measures to ensure an uninterrupted supply of essential commodities in the market, preventing any shortages. "We will not allow any decline in the supply of essentials at least until April to avoid any crisis during Ramadan," he told reporters after a meeting of the Advisers’ Council Committee on Government Purchase at the Cabinet Division on Tuesday. The meeting, chaired by the Finance Adviser, approved the import of several essential products. Terming inflation a major concern, he expressed the hope that it would gradually come down to a single-digit figure within the next 3-4 months. Make NBR more efficient for robust growth in business: Finance Adviser The global standard and ideal inflation rate is 5 percent, the adviser said, adding that the government hopes to bring it down to 6, 7, or 8 percent within the specified timeframe due to the measures taken. Dr Salehuddin explained that inflation had risen for various reasons, and it could not be reduced abruptly as many factors contribute to inflation beyond just supply chain issues. He emphasised that the economic situations in Sri Lanka and Bangladesh are not comparable. "Bangladesh’s situation is the worst when compared to Sri Lanka. Sri Lanka's economic disaster was not that big. If the interim government had not taken necessary measures, the economic situation would have been worse than Sri Lanka's," he said. He also mentioned that the government has been importing rice, lentils, soybean, fertiliser and LNG, which is placing a big pressure on foreign exchange supply. Railway employees' reasonable demands to be addressed: Finance Adviser "I have had meetings with the Bangladesh Bank Governor to ensure continued foreign exchange supply to maintain the import of these essential commodities, including energy," he said, adding that keeping the energy supply stable is crucial for the economy. Dr Salehuddin pointed out that the current economic challenges are a result of the actions of the previous government, which withdrew funds from the banks. "Currently, only 12 banks are operational out of 60, while the remaining banks are facing difficulties." He also informed that the government plans to revise the national budget in April. Dr Salehuddin mentioned that the government has implemented measures to raise taxes, aiming to reduce tax exemptions in various sectors. END/UNB/SH/SAM

Commerce Minister Tipu Munshi said on Sunday that balancing demand with supply of essentials becomes difficult due to lack of accurate statistics on food production and consumption. He was speaking as the chief guest at a programme on "Bangladesh's 50 Years of Agriculture Transformation and Achievement" organized by Bangladesh Agricultural Journalists Forum (BAJF) and Bangla daily Bonik Barta at a city hotel. Talking about onions he said, “I have become restless due to the recent burning demand of onions.” Read: Multiple initiatives taken to remain competitive in global market: Tipu Munshi “There is a problem with statistics. We need 24-25 lakh tonnes of onions. The production is also 25-26 lakh tonnes. Then why is there a shortage? In that case the narrative is that about 20 per cent of our onions are wasted,” the minister added. The government is working to originate high yielding onions to increase production and preservation of onion in the right way to reduce the waste, he said. “We want to produce surplus onion but it needs 3 to 5 years to achieve this,” Tipu Munshi said. State Minister for Planning Dr. Shamsul Alam spoke at the function as the special guest. Read: SMEs are lifeline to country's economy: Tipu Munshi Agriculture economist and professor of Bangladesh Agriculture University Dr. Muhammad Jahangir Hossain presented a key note paper on agro product marketing. Director General (DG) of Livestock Research Institute Dr. Jahangir Alam, former DG of Fisheries Directorate Dr. Syed Arif Azad, Lalteer livestock chairman Abdul Awal Mintu, Managing Director of Islami Bank Limited Mohammed Monirul Moula, Managing Director of Aftab Bahumukhi Farms Limited Abu Lutfe Fazle Rahim Khan also spoke in the function. Bonik Barta Editor Dewan Hanif Mahmud moderated the programme.