Govt trying to keep global economic impacts on common people at minimum: Kamal
DHAKA, May 26, 2022 (BSS) - Finance Minister AHM Mustafa Kamal today said that the government is trying hard to keep the impacts of the global economic situation on the common people at a minimum level through ensuring stabilization of economy and also maintaining growth.
"We're trying our best so that the country's people are not affected or the least affected," he said.
The finance minister said that the whole of the world is now passing through ups and downs while the main task of the government under the present circumstances is to ensure stabilization through various fiscal measures and also to maintain growth. "We're moving ahead with the two objectives,"
He said this to reporters after chairing two separate meetings on the Cabinet Committee on Economic Affairs (CCEA) and the Cabinet Committee on Government Purchase (CCGP).
Turning to the issue of global inflation trend, Kamal said that the inflation situation in countries like India, Malaysia, the Philippines and Vietnam are almost the same while the inflation in the USA is the highest in 40 years while the UK has also been experiencing its highest inflation.
Responding to a question, he said there is no denying the fact that crisis of US dollars is there in the local market, but it is not too much. "The current level of foreign exchange is enough for us and we're in a better position compared to our neighboring countries."
He said such kind of dollar crisis was also there in the country back in 2001.
To face such situation, the finance minister said that the central bank usually raise the LC margin on luxury items while the government often imposes regulatory duty.
When asked about his reaction over the business community's comments over the possible increase of power and gas tariff, Kamal said the government also understands that when the power and gas tariff would be hiked, then it will surely put an impact.
"We want that the possible impact of such rise in power and gas tariff will remain at a tolerable level. The government is also now sharing (tariff burden) with the consumers," he added.
Replying to another question, the finance minister said that all concerned stakeholders have been taken into consideration while framing the budget for the next fiscal year (FY23).
He said that the issue of welfare of the marginal people is being prioritized and they would be benefitted.
Asked about the goal behind the recent decision for allowing up to $5,000 or Taka 5,00,000 inward remittance without documents for availing 2.5 percent cash incentives, Kamal said that the government has been taking various steps to bring back the amounts which have gone abroad in different channels over the years.
The finance minister said that the Bangladesh Bank would take an effective step in this regard and they would issue a circular. He also said that they are planning to give such facility prior to the next budget.
He, however, denied saying further on the issue before the next national budget for the FY23 is placed at Jatiya Sangsad.
When asked how much amount was siphoned off from the country, Kamal said that he would not be able to give a clear idea about it.
Mentioning that various countries of the world like Indonesia had offered various incentives to bring back the siphoned off money, the finance minister said it was his firm belief that those who have siphoned off money abroad would avail the opportunity and thus send back money to Bangladesh.