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’Dark shadow’ over economy

Muhith tells IS; FBCCI chief urges parties to stabilise politics

Staff Correspondent
The national economy is under a "dark shadow" due to uncertain trends on the global economic front, Finance Minister AMA Muhith said in parliament yesterday.
Replying to lawmakers' queries, he informed the House that the government was consistently taking steps in the economic sector to cope with the "uncertain" global economic situation.
“Different rating agencies on a regular basis warn us to take necessary steps for the national economy ... We inform them about the steps we are taking,” Muhith said.
“When I [as finance minister! talk on various issues, people from different quarters criticise me, saying I talk too much. But what I say is necessary.”
The finance minister also said the volume of import in the current fiscal year is on the rise exceeding the government target, affecting the value of the local currency.
During the question hour, ruling Awami League lawmaker KM Khalid called upon the government to release the US dollars, reserved at Bangladesh Bank, to the local market in a bid to increase the value of the local currency against the dollar and fight the shortage of the greenback.
In response, Muhith said the government was always considering the issue and looking for ways to do this.
Replying to another query, he said Bangladesh was not getting foreign investment in the desired sectors, which is one of the major weaknesses of its economy.
He said the four percent growth rate in the agriculture and sector in the last several years has played a significant role in the sustenance of the national economy.
Meanwhile, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) yesterday urged the political parties to bring about stability through doing away with the "confrontational" political situation. He stressed maintaining a congenial atmosphere for business activities and attracting foreign investments.
"Media in the countries competing with us prominently display the pictures of people lying dead on the streets and also report that there is no congenial environment for investment in Bangladesh,” said AK Azad, president of the apex business body.
"Investment will face a setback if there is no stable political situation in the country. As a result, no local businesses will invest, let alone foreign investors," he said, adding the confrontational political situation will affect the growth of gross domestic product (GDP).
The top business leader made the remarks at the concluding ceremony of the month-long 17th Dhaka International Trade Fair at Sher-e-Bangla Nagar in the capital.
His remarks came a day after the killing of an activist of Jamaat-e-Islami in police firing during clashes between the law enforcers and Jamaat men in Rajshahi. And four people died in Laxmipur and Chandpur towns on Sunday when police fired on demonstrating BNP activists and supporters.
Commerce Minister Ghulam Muhammed Quader, who was the chief guest at the ceremony, differed with the FBCCI chief. He said he does not think that the economy will face a crisis due to the political crisis. "Rather, the political crisis could deepen if an economic crisis surfaces."
Azad also said political instability has added to the economic volatility.
He suggested the government should expedite the resumption of gas and electricity connections as many factories are lying idle without utility services.
"We have set up factories and installed machinery. We have deposited money with government agencies for (gas and electricity) connections. But we are not being able to go for production as we do not get the connection."
The high cost of funds has added another dimension to the piles of barriers they are facing, Azad mentioned.