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Finance Adviser Dr Salehuddin Ahmed on Monday said it is very difficult on the part of an unelected government to break market syndicates to cub price hike of essential commodities.
"It's difficult to control supply chain as well as inflation in Bangladesh. It is reality that there is extortion in the supply chain process. From the farm house to Dhaka there are extortions at many points. It adds to chances of price hike of the essential commodities," he said while speaking at a book launching ceremony in the city. The Policy Research Institute of Bangladesh (PRI) organised the event.
The book titled "Development and globalisation: Bangladesh and international perspective" was written by Deal Rizwanul Islam, Distinguished Fellow of the PRI.
Dr Rizwanul in his speech said only the policy rate hike is not the solution for inflation control in Bangladesh.
"You have to reduce the demand as well as ensure higher supply of the products and access of the end consumers," he said.
Dr Salehuddin said no businessmen in the world become richer in such a short time as in Bangladesh.
"This quick and high rate or return doesn't exist anywhere in the world," he added.
Dr Salehuddin said they have requested the central bank governor not to increase the policy rate further as it is affecting the investment.
The Finance Advisor said it is obvious that the GDP growth would not be high this year. But food supply would be available and hopefully inflation would ease, he added.
Referring to the LDC graduation, he said, "We would say anything concrete now but it is true that we have to be competitive."
"Bangladesh could be role model in the world if we can graduate successfully. Some 7-8 countries are looking to us who are waiting for graduation after Bangladesh. We should prove our capacity in the world," he added.
About the reform process, Dr Salehuddin said, "I've told the Chief Adviser that we would bring reforms in some crucial sectors like banking, capital market, NBR and business climate areas."
"We will bring those reforms which are the crucial demands of people. The political government can't ignore those crucial reforms," the adviser said.
Distinguished Fellow of the Centre for Policy Dialogue (CPD) Prof Mustafizur Rahman said the global trade is neither fair nor free.
"The globalisation is changing rapidly due to those nations who were the innovators of that theme. The globalisation should be on an equity basis," he added.
Dr Zaidi Sattar presided over the Programme. He said the fair and free trade regime among the globe and the regions would ensure better outcome of the globalisation.
He laid emphasis on liberalising trade and enhancing intraregional trades.
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