Finance Minister A H M Mustafa Kamal on Wednesday expressed optimism about achieving the government's 7.2-per cent economic-growth target in the current fiscal year (FY), 2021-22, although the economy is facing some global pressures like the Ukraine-Russia war.
"We will not revise our 7.2 per cent GDP (gross domestic product) growth target in the current FY and 7.5 per cent in the next FY," he added.
"If the economic trend goes downward, then we may revise the growth projection. Rather, the growth projection will remain unchanged," Mr Kamal said after a meeting of the Cabinet Committee on Government Purchase (CCGP).
The finance minister was replying to journalists following the lower growth forecasts by some international lending agencies - the World Bank (WB), the Asian Development Bank (ADB) and the International Monetary Fund (IMF) - in their latest global economic outlooks amid the Russia-Ukraine war.
In their recent economic outlook, both the WB and the IMF projected that Bangladesh's GDP would grow at 6.4 per cent rate in the current FY (2022).
The Manila-based lender ADB projected a slightly higher economic growth at 6.9 per cent for the country.
Replying to a question, Mr Kamal said essential commodity prices witnessed an upward trend across the globe due to some unusual impacts like the Ukraine-Russia war.
"As Bangladesh is also an integrated part of the international transaction system, there could be some impacts on our economy. If it happens, then we will have to rethink of our targets. But we are not revising anything in advance at this moment."
Mr Kamal opined that Bangladesh is connected with the global system, but the country is still in a good shape.
As there is no sign of ceasefire between Russia and Ukraine, the global economy as well as the local economy would be affected.
Responding to another question, the finance minister hoped that the budget deficit would remain within the target.
"We will continue our subsidies for encouraging farmers and industries for facilitating the country's economic growth". Regarding the inflation, Mr Kamal added that the government would take proper measures to tame higher inflationary pressure.
Meanwhile, the CCGP on Wednesday approved two separate proposals for procuring some 0.375 million tonnes of fuel oils and 60,000 tonnes of fertilisers to meet their growing demands.
After the meeting, Cabinet Division Additional Secretary Md Sabirul Islam told reporters that the CCGP approved a proposal of the Energy and Mineral Resources Division for procuring 0.375 million tonnes of fuel oils at a cost of Tk 40.54 billion. Of the total volume, some 0.30 million tonnes of gas oil would be procured from PT Bumi Siak Pusaku Zapin of Indonesia at Tk 32.74 billion.
Besides, some 75,000 tonnes of fuel (Jet A-1) would be imported from Unipec Singapore Pte Ltd at Tk 7.80 billion.
The CCGP also endorsed procurement of 3.36 million MMBtu of LNG from Vitol Asia Pte Ltd of Singapore at Tk 9.92 billion, and its unit price would be $29.50 per MMBtu.
It also approved import of 10,000 tonnes of phosphoric acid from Poton Traders at Tk 1.01 billion, 30,000 tonnes of bulk granular (optional) urea fertiliser from Muntajat of Qatar at Tk 2.40 billion, and 30,000 tonnes of TSP fertiliser from OCP, SA of Morocco at Tk 2.59 billion.
The additional secretary said the CCGP meeting also approved a variation proposal from the Security Service Division. He informed that the CCGP meeting sent back the Mongla Port Authority's three procurement proposals and asked the entity to go for re-tendering.
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