Checking inflation a major challenge for economy now, state minister for planning says

Containing inflation and taking it to the previous (tolerable) level as much as possible is a major challenge for the country's economy at present, State Minister for Planning Dr Shamsul Alam said on Tuesday.

"We need to contain inflation and explore strategies to cushion its impact on different sectors. For this, we need to intervene to reform market system," he added.

He came up with the remarks while speaking as the chief guest of a programme - 'DJFB Development Dialogue' - organised by the Development Journalist Forum of Bangladesh (DJFB) at the NEC conference room in the city's Sher-e-Bangla Nagar area.

DJFB President Hamid-Uz-Zaman and General Secretary Shahanuare Shaid Shahin were present in the dialogue, among others.

In his speech, the state minister also opined that the country's rice market is completely a deceptive one, as the name of rice variety changes from production level to retail level.

For example, 'Swarna' variety of rice is sold as 'Pushpomoti' after cutting and polishing, he said, adding that such practices lead to wastage of rice, loss of nutrition standard, and price hike.

"Above all, customers are being cheated."

Regarding the IMF loan, Mr Alam noted that there is no relation between price hike of many commodities and the IMF loan.

The government would have lowered subsidies on different goods and services even the IMF had not provided the fund.

"The IMF provided us the loan, as it was positive towards our economic situation. The fund will be used where it will be needed - in line with the national budget."

Responding to a query on inequality, the state minister said the government is working to reduce the inequality. However, it is usual that inequality inflates with GDP growth.

The level of existing inequality in Bangladesh is lower than many neighbouring countries, like India, Sri Lanka, China and Vietnam.

Socio-economic condition, especially in rural areas, has marked a significant improvement due to the government's different initiatives, Mr Alam noted.

Making observation on overall economy, he added that almost all the indicators have started showing a positive trend in the recent times.

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