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Dhaka Tribune

Muhith firmly believes growth rate to cross 7% this fiscal

Update : 25 Jan 2016, 06:01 PM

Finance Minister AMA Muhith firmly stated that Bangladesh would come out of 6% growth cycle this financial year as political environment remained calm and peaceful.

“A 7% growth is expected taking the volume of current economic activities into account though Annual Development Programme is being implemented at slow rate,” finance minister told journalists on his 83rd birthday at the Secretariat office yesterday. 

He said: “The 7% growth rate could have reached much earlier if BNP-Jamaat had not launched cruel political campaign in last two years.” 

According to finance minister, supply of raw materials to factories remain “pretty good.”

Muhith said private sector growth in the country was slow as it needed political stability. He said with the changed environment, the situation, however, could be expected to get improved in next couple of months.

About the World Bank’s new funding, he said the lender had promised to provide $3.1bn this fiscal year.

Muhith said Bangladesh would also receive more $3-4bn from the World Bank for implementing new projects. Under the funding a four-lane road connectivity from the Padma river bank near bridge construction site to Jamuna bridge, he said. Muhith said another dredging project of the Padma and Jamuna rivers would be undertaken at a cost of $2bn. 

Cutting down local price of fuel oil 

Disagreeing with state minister for energy, finance minister said the present circumstance demanded slashing down fuel oil prices in local market. “We have taken a decision to keep 10% gap between local and international price of fuel oil.”

State Minister for Energy Nasrul Hamid earlier told media that time had not come yet to cut fuel oil prices in local market as Bangladesh Petroleum Corporation was still to repay a large amount of credit to banks.

Regarding profit of BPC, finance minister said: “The BPC’s profit is now being used for the welfare of the people.

He said finance division didn’t provide any subsidy now to the fuel oil import.

Finance minister also lamented about corruption in BPC and the whole country.

Real security market 

Finance minister described current securities market as “real” after the 2009 crash.

He said chairman of Bangladesh Securities and Exchange Commission (BSEC) M Khairul Hossain now got new attention. 

At present, there is recommended only chairman Bangladesh Securities and Exchange Commission (BSEC) should be there and another recommendation new recruit the chairman and member of the BSECs dropping existing one. 

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