Friday, 10th June , 2022, 10:48 pm,BDST

Main emphasis given on bridling galloping inflation



।। Azizul Islam Bhuiyan ।। 
The biggest ever Taka 6,78,064 crore proposed budget for 22-23 fiscal announced yesterday at
the Jatiyo Sangsad has given main emphasis on bridling the galloping  inflation for safeguarding
the  common people, especially the marginal segment of the society. 
Considering  the  long Corona-riddled world economic inflation that further deteriorated by the
on-going Russian-Ukraine conflict, Finance Minister AHM Mustafa Kamal in his budget
allocations  has demonstrated his determination to ride out current uncertainty caused by the
soaring price-hike of  essentials that is considered as ‘ominous sign’ by the disadvantaged
people. 
In the proposed budget provisions have been kept to provide direct financial supports by
expanding various social safety net programmes for protecting the low and limited income
people.  
Bangladesh, once one of the poorest countries of the world that started its journey with an
annual budget of Tk.786 crore, has now become the 41st economy in the world. Nonetheless,
as per prediction of the Center for Economic and Business Research (CERB), a British economic
research body Bangladesh will become the 21st largest economy in the world by 2035 which is
a testimony that the country is successfully heading towards its goal to build a Golden Bengal
(Sonar Bangla) that dreamt by its founding Father of the Nation Bangabandhu Sheikh Mujibur
Rahman.  
The country that is now at the glittering golden line in the development horizon has gathered
high appreciation of the galaxy of world leaders like US President, British Premier, Indian Prime
Minister, Chinese President,  Russian President, UN Secretary General and others  which totally
discarded  the remark of defamed Dr. Hennery Kissinger who called Bangladesh a “Bottomless
Basket”.    If a careful scrutiny is made over the highlights of the proposed budget it would
definitely substantiate the proud utterances of   Bangabandhu that “”Bangladesh has come,

Bangladesh will remain.”  No one could suppress indomitable fearless Bangabandhu and the
Bengali nation.
The moment AHM Kamal was presenting the 51st national budget, Bangladesh has been
glittering in the golden sky-line in the horizon as the proud nation celebrated the centenary of
birth of the Father of the Nation as well as the Golden Jubilee of its independence with pride
and great enthusiasm. 
Keeping in mind the rising cost of living and looming LDC graduation, the finance minister
framed the FY 22-23 budget as a pro-people one in true perspective. 
Besides, surely he enunciated a strong and pragmatic budget keeping ahead the challenges his
party would have to face in the next general election that is knocking at the door.  
In his budget speech, Finance Minister A F M Mostafa Kamal has righty referred to the changed
that Bangladesh has achieved in many ways for the last five decades . However, the
government of Sheikh Hasina has noted deviated even an inch from the Bangabandhu’s
everlasting ideals and his lively presence are felt in all spheres of our national life. Bangladesh is
moving forward on the path shown by him. 
The proposed budget has enriched with the visionary philosophy of the dynamic
daughter of Bangabandhu Prime Minister Sheikh Hasina.” Under the strong leadership
of her, the icon of modern Bangladesh, the stories of success and development are
being written one after another, which even surpass fairy tales. The finance minister
in his budget also made focus on extra-ordinary successes of the government during
the last thirteen years. Bangladesh is now at a critical juncture in its development
journey. Bangladesh a decade ago and today’s Bangladesh are not the same. Today’s
Bangladesh is in the process of transformation. We have passed a golden era in the
history of Bangladesh, which is highly acclaimed, the Finance Minister mentioned.  
The various successes noted in the proposed budget like GDP growth, per capita
income, reduction of poverty level, average life expectancy, women empowerment,
social safety nets, implementation of mega projects and other socio-economic heads
indicates that Bangladesh is now at the right path of development that gives an
indication of future progress and prosperity.  


 The proposed budget indicates that Bangladesh is an example of economic progress
and a country of great hope and opportunity. It also reflects the high potentialities of
the heroic Bengali nation capable to sustain under any situation.  The budget also gave
right direction to face post-transition challenges as well as enunciated correct
approach to evolve strategies to deal with the post-graduation situation when the
nation will step in to a middle income nation.  
The budget that has been presented against the backdrop of global crisis stemmed from the
still ongoing Covid-19 Pandemic  and Russian-Ukraine conflict  where countries around the

world are battling with severe economic depression has  also gave correct direction to cope
with such situation and keep moving the wheels of country’s development and prosperity. 
Today is time for austerity- today is time for generosity – the main impetus of our economic
activities is our people –  we do hope that the FY 22-23 would help generate enhanced  growth
rate and combat inflation and ensure stable remittance and foreign trades so that the nation
could reach at its desired destination.  

It expanded the size and scope of the packages and brought newer affected sectors and affected population within
the government support mechanism. So far, we have introduced 23 recovery packages with a combined value of
Tk. 1,28,441 crore which is approximately 4.2 percent of GDP.
Our comprehensive plan for recovery includes four main strategies. Firstly, we have discouraged luxury
expenditures and prioritized government spending that creates job. Due to sound macro-fiscal operation by the
government during the last ten years, our Debt-to-GDP ratio remans low which has provided us a cushion against
increasing public spending to overcome the crisis. Secondly, we have created loan facilities through commercial
banks at subsidised interest rate for the affected industries and businesses so that they can revive their economic
activities and maintain competitiveness at home and abroad. Our third strategy was to expand the coverage of our
social safety net programmes to protect the extreme poor and low paid workers of informal sector from the
sudden income loss due to the pandemic. Our fourth strategy was to increase money supply to the economy.
We took a consultative approach while designing these recovery packages and discussed extensively with business
leaders, economist, development specialists, journalists, researchers and stakeholders form various backgrounds.
In November and December of last year, we arranged a series of dialogue in three separate sessions to discuss the
economic recovery packages. The important recommendations and suggestions came out in these dialogues were
used in further modification and re-designing of the packages.

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