July 23, 2024, 11:34 am

Inflation would have been higher if not for AL govt: Finance minister

  • Update Time : Friday, June 7, 2024
  • 21 Time View
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TDS DESK:

Inflation is limited to the 9% range due to the steps taken by the Awami League government, said Finance Minister Abul Hassan Mahmood Ali.

“When Awami League came to power inflation was around 9% in 2009 and it rose to 10% in 2010. But the government managed to bring the inflation under control within two years. Inflation was in the range of 5-6% in the next decade,” said the minister during a press briefing in Dhaka today (7 June).

However, with Covid-19 pandemic and the Russia-Ukraine war, the global foreign exchange crisis increased inflation in the last couple of years, he added.

“We have taken all steps to control inflation, and are thinking about what more we can do to reign in inflation,” said the minister while adding that contractionary measures will continue for now.

With an eye towards battling inflation, Finance Minister Abul Hassan Mahmood Ali unveiled the Tk7.97 lakh crore proposed national budget for the fiscal year 2024-25 yesterday (6 June).

Earlier in May, Prime Minister Sheikh Hasina had given the nod to the budget size.

This is the country’s 54th budget and the 25th of the Awami League (AL) government in six terms. This budget will also be the 21st under the rule of Prime Minister Sheikh Hasina in different terms.

The theme of the budget for the next fiscal year is “Pledge towards building a happy, prosperous, developed and smart Bangladesh” in pursuit of turning the country’s economy into its previous sound state.

Usually, the size of a new budget increases by 10% to 12% compared to the current year’s budget, but this time it will increase by less than 8%.

The latest budget is contractionary, with a lowered GDP growth of 6.7%.

 

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