Budget’s highest priority is to tame inflation: PM

Prime Minister Sheikh Hasina on Wednesday told Parliament that the budget has given the highest priority to rein in inflation in the fiscal year beginning on 1 July.

"I think the budget has been able to give the highest priority to firmly face (control high) inflation created due to the current global instability and the pandemic," she said.

The premier was speaking during the general discussion on the national budget for FY2022-23 as the Leader of the House in the 18th session of the 11th Parliament.

She said the government has been able to give such a large budget of Tk678,064 crore despite an adverse situation caused by the Ukraine war that came close on the heels of the Covid-19 pandemic.

"Many people couldn't think that we would be able to place it (the budget), but we've been able to do it," he said, extending her sincere thanks to the finance minister and all others involved in the budget preparation.

It is the 23rd national budget placed by the Awami League government since the Liberation War and the 4th budget given during the current tenure of AL government, she noted.

"We'll be able to implement the budget, placed for the 2022-23 fiscal year, successfully with an all-out support of the people," said Hasina.

She said Bangladesh will have to go forward overcoming the adverse impacts of the war and coronavirus pandemic and it will be able to do so. "We're making the impossible things possible by overcoming hundreds of obstacles at home and abroad."

Bangladesh has successfully been able to maintain its economic progress when many developed countries are facing difficulties due to global instability, she added.

The premier said the government is taking all necessary measures to control inflation fuelled by price-hike of goods in the global market.

The PM said the main strategy to keep the inflation under control would be – raising the supply of goods and reducing the existing growth of demand. "To reduce inflation is our big target," she added.

She said this week's opening of the Padma Bridge to vehicular traffic is easing the supply of goods largely and will also help reduce the inflation rate because of a revolutionary change in the communication network.

Noting that the government is discouraging the import of luxury goods, the PM urged businesspeople to stop importing items which are not very essential.

PM Hasina said the government will take proper measures to reduce dependency on imported goods.

In this context, she urged all to go for the consumption of made-in-Bangladesh products and services.