Inflation to come down within target by end of FY: State minister

State Minister for Finance Waseqa Ayesha Khan has expressed her optimism that inflation will come down to the government-set target of 7.5% by the end of this fiscal year.

"It can be achieved through a series of governmental measures, including contractionary monetary policies, import controls, and austerity measures in government expenditure," she said while presenting the "2023-24 Budget Implementation Progress Report for the second quarter of the financial year" during a parliament session on Sunday (5 May).

In her speech, Waseqa mentioned that controlling inflation is among the government's top priorities.

The government has been taking various measures since last year to keep inflation at a bearable level, she added.

However, she said, due to the Russia-Ukraine conflict, the increase in commodity prices in the international market and the rise in the value of the US dollar, high inflationary pressures are seen across the world, including in Bangladesh.

The state minister said, "For the past few years there has been a kind of instability in the global economy due to the covid-19 and Russia-Ukraine war and other geopolitical reasons. In light of these challenges, the growth target for the current fiscal year has been revised downwards from 7.5% to 6.5%. Bangladesh is not free from the adverse effects that are currently going on in the world economy but the nation will be able to move forward by facing all tough situations."