United News of Bangladesh

Finance and Planning Minister Amir Khosru Mahmud Chowdhury on Sunday warned that prices of essential commodities are set to rise in Bangladesh in the coming days due to ongoing global supply chain disruptions triggered by the Middle East conflict. “Due to the supply chain crisis, not only fuel but other commodities will also get pricier in Bangladesh,” he told reporters after a National Multi-Stakeholder Consultation Workshop on LDC graduation preparedness at the Planning Ministry in Sher-e-Bangla Nagar. Noting that this is not a problem affecting only Bangladesh but a global challenge, the minister said the ongoing energy crisis is already casting an adverse shadow over the national economy. “The prices of food items will go up as a consequence of this crisis.” He also acknowledged the growing fiscal pressure on the government, pointing out that while other countries have significantly raised fuel prices, Bangladesh has refrained from doing so – a decision, which is straining state funds. "How long we can keep fuel prices unchanged is difficult to say with certainty. We are purchasing fuel using state treasury funds, which will ultimately be a loss for the people," the minister said, adding that any decision on fuel pricing will be taken with public welfare as the foremost consideration. On the question of LDC graduation, he ruled out any immediate move in that direction, stating that the BNP government has been working in line with its electoral manifesto to strengthen the economy. Bangladesh, Khosru emphasised, will consider LDC graduation only after achieving adequate economic preparedness.

Bangladesh sees no food crisis coming as a fall-out of Russia’s invasion of Ukraine, said Agriculture Minister Dr Md Abdur Razzaque on Wednesday. “The stocks of food grains and production which we have now won't have any major problems. There will be no food crisis,” said the minister while talking to the reporters after a meeting with Qu Dongyu, secretary general of the Food and Agriculture Organization of the United Nations (FAO), in Dhaka. Regarding hike in commodity prices, Razzaque said people have to suffer a little because of the international market. “We will have a big harvest season in April. I hope there will be no problem.” The minister further said the price of coarse rice in Cox’s Bazar is not rising. The price has been within Tk 40-42 for the last one and a half months. Read: FAO Asia-Pacific regional conference to kick off in Dhaka Tuesday But, the price of fine rice is going up as there is a real shortage, he added. “People's income has increased. And so, the tendency of people to eat fine rice has increased,” the minister said. “But we are providing assistance to the poor.”