Prime Minister Sheikh Hasina says the administration should continue making concerted efforts to keep the prices of essentials in check while pouring scorn on the 'constant discussions' about inflation.
"I will make a request — it isn't really necessary to talk about how high inflation is here as there are many countries that don't discuss it,” she said.
“From what I've seen in the international media, especially in America and Europe where they tend to discuss these issues regularly, there isn't a lot of talk about inflation and its impact. I don't think there's much need for discussions here either.”
The Prime Minister directed government officials to take necessary measures to keep commodity prices within the people's purchasing power while virtually presiding over an ECNEC meeting on Tuesday.
In the wake of the war in Ukraine, the prices of goods and services have shot up across the board as the value of the US dollar continued to surge amid volatility in the global oil market.
In Bangaldesh, inflation remained above 9.0 percent in both August and September, the highest level during that period in a decade, according to government data.
"Efforts to keep prices of essential products within the purchasing power of the common people should continue. We will do whatever it takes for that," Hasina said.
In contrast with many developed countries around the world, Bangladesh has a people-centric system of governance, according to Hasina. "We always have a sense of responsibility towards the people. We feel it and that's how we want to continue working for the country."
Hasina also highlighted the challenges posed by the twin crises of the coronavirus pandemic and the Russia-Ukraine war, particularly the adverse economic effects of the sanctions and counter-sanctions stemming from the conflict.
The prime minister believes that 2023 may yet prove to be the most precarious year for the world. "Famines and food crises may break out. With that in mind, we now have to focus on increasing food production and ensuring food security."
Flagging the economic uncertainty facing the globe, Hasina reiterated the need for people to practise austerity. "We all have to be very aware and careful with our use of utilities like electricity, fuel, water, gas.
"And I would urge every family to be conservative with their expenditure and save as much as they can. It also applies to the government. We should also be frugal. We will do whatever is necessary, but nothing beyond that.”
To this end, the prime minister stressed the importance of picking projects that are of most benefit to the people.
“There are some projects that can be implemented quickly but will cost a little more money. The faster we implement them, the more we will benefit from those projects."
“The implementation of some projects takes more time or progresses slowly. That’s why the ministries will have to select projects on a priority basis and we will approve and implement them. On the other hand, some of the projects that are being approved aren't urgent. There is no harm if those projects proceed slowly.”