Country’s leading economists have lauded the government’s measures to control inflation due to the price-hike of goods in the global market. The government has attached the highest priority to control the inflation rate against the backdrop of the ongoing Covid-19 pandemic coupled with the Russia-Ukraine war and disruption of the supply chain.
According to the media reports, the government is discouraging the import of luxurious goods which are not very essential. So, dependency on imported goods will be reduced while consumption of local products and services will increase significantly.
Area wise load shedding, shutting down diesel-run power plants, keeping petrol pumps closed in a week and other steps will reduce fuel import by 20 percent. The government used to repay the debt taken for the country’s development purpose in due time since the Awami League assumed office.
Bangladesh is a country in the world which was never a defaulter in paying debts and will not be defaulter in the days to come as our economic base is so strong. Besides, the government would never take any funding from any development partner which would ultimately go against the interest of the country.
The government is going forward
facing the adverse impacts of the war
and the coronavirus pandemic
simultaneously
As part of the move, it has also canceled government employees’ foreign tours and projects which require much import. Yet, maintaining imports at a reasonable volume and keeping foreign reserves stable is now a great challenge due mainly to a stress on the exchange rate originating from the increased demand for US dollar in the local market.
The country’s foreign exchange reserves are still in a standard level despite ups and downs, hovering around $40 billion, which is good enough to settle import bills for more than five and a half months. Import payments of the country stood at on average 7.5 billion in the last 10-11 months. It is the standard level for any country to keep reserves to settle import bills for at least three months.
The foreign currency reserves even reached $48 billion in the country which was only $7.9 billion in 2009. If the government makes savings and thus contribute to the national savings alongside reducing all the unnecessary expenses and cancel purchasing import-based luxurious goods and giving priority to buy only the necessary goods, it would be successfully able to overcome the tough time.
We believe all will see the light coming out of the darkness as the government is going forward facing the adverse impacts of the war and the coronavirus pandemic simultaneously.
