PM calls for becoming frugal, avoiding luxurious items amid global condition, In light of the current state of the world economy, Prime Minister Sheikh Hasina today asked everyone to practice frugal living by forgoing opulent products, limiting spending, halting waste, and preventing money from being used inappropriately.
At the sixth meeting of the Executive Committee of the National Economic Council (ECNEC) for current fiscal year (FY23), which was convened today in the NEC conference room in the city’s Sher-e-Bangla Nagar neighborhood, she provided the instructions while physically presiding. After the meeting, Planning Minister MA Mannan gave a press conference, noting that the premier had exhorted everyone present to be thrifty, stop wasting money, and steer clear of splurges because the world was on the verge of another economic downturn.
PM calls for becoming frugal, avoiding luxurious items amid global condition
State Minister for Planning Dr Shamsul Alam, Planning Commission members and secretaries concerned were present at the briefing. Mannan said the prime minister asked the authorities concerned to come up with rural small projects or public welfare-oriented projects. “The prime minister said luxury projects can’t be taken up. But, we can’t compromise with the small rural projects or welfare-oriented projects. Mega projects can’t be undertaken now,” said the planning minister.
He said that the prime minister, also the ECNEC chairperson, stressed the need for conducting thorough feasibility study in case of undertaking any big project. She also asked the authorities concerned to find out uncultivated lands everywhere across the country and thus transform those lands as arable ones.
According to the planning minister, the premier has given top priority to growing agricultural production in order to achieve self-sufficiency as well as raising more chickens, calves, and vegetables to meet consumer demand for protein and nutrition. He claimed that the prime minister had stated that production would need to increase in order to maintain the ability to cultivate every square inch of available land.
In this regard, the premier gave the cabinet secretary instructions to use the assistance of concerned deputy commissioners to locate the uncultivated lands throughout the nation. The planning minister said although Bangladesh has literally come out from the tunnel of COVID-19, but the country is still suffering from the Dengue. The prime minister called upon all concerned including the concerned authorities and countrymen to become more aware to clean their houses, offices and yards to minimize the prevalence of the Dengue fever.
In response to a question, Mannan stated that despite the fact that nations all over the world are experiencing slowness and are also on the edge of another economic recession, there was no such explicit discussion of the country’s foreign currency reserve issue in the meeting. The impact is greater on us since the nation is small, he claimed.
He added that although Bangladesh is a victim of the current global situation, the setting is always changing and that Bangladesh must make the required modifications in order to advance. “However, I believe we are still in a strong position because the IMF and other international financial institutions made accurate projections for us. The inflation is also experiencing a downward trend, so we must firmly maintain our stance and advance “said he.
Citing some latest figures on FDI, inward remittance, export earnings and LC openings, State Minister for Planning Dr Shamsul Alam said that although Bangladesh is under some pressure, but it is not true that the country is under severe crisis or any disaster. “We’re moving forward in terms of attracting FDI, inward remittance and export earnings,” he said.
Mentioning that the foreign currency reserve has declined below $35 billion due to the recent ACU payment, Dr Alam said with the current forex reserve, it is still possible to meet the import bills of four and a half months.