Finance Minister AMA Muhith anticipates prices of goods could rise, causing inflation, as soon as the Pay and Services Commission announces the revised pay-scale and service holders in the private sector would have to bear the brunt.
Muhith advised private sector organisations to adjust the salaries and wages of employees to mitigate the possible adverse effects of such consequences. He was talking to reporters at his residence after a meeting with World Bank’s new Executive Director Subhash C Garg.
Muhith expects the pay commission to submit its report on the revised pay scale soon, and he should get a copy by the time he returns from his Singapore visit.
Meanwhile, domestic inflation continued to fall in November also like in the previous three months, according to Bangladesh Bureau of Statistics data published on Tuesday. The month-to-month inflation for November stands at 6.21% – the lowest calculated in 25 months – declining from October’s 6.60%. Declining food prices are thought to be the main reason behind easing prices.
On his meeting with the World Bank executive director, Muhith said: “We discussed budget assistance and the progress of various development programmes undertaken by the global lender.”
As reporters inquired about the Padma bridge corruption conspiracy issue, the finance minister declined to delve into the matter and chose not to answer, saying the World Bank had not been very vocal about the issue recently.
“The World Bank is now sorry that it failed to finance the construction of the Padma bridge,” Muhith said.
On the progress of the project, however, the minister expressed optimism, saying: “We feared large global construction firms would not be interested in constructing Padma bridge, but that crisis is a thing of the past.
“I will visit the construction site very soon…We hope that the project will complete in four years.”