Govt achieves 13% export growth, aims to reduce inflation below 8% by June: CA

Chief Adviser Dr. Muhammad Yunus announced that Bangladesh’s export sector has grown by 13% since the new government took office and expressed optimism that inflation, which stood at 9.32% in February, would fall below 8% by June. 

Addressing the nation on the occasion of Independence Day and Eid-ul-Fitr, Dr. Yunus outlined the interim government’s efforts to stabilize the economy, which he claimed had been left in a state of disarray by the previous administration.  

Dr. Yunus accused the past government of extensive financial mismanagement, asserting that corruption and misappropriation of funds had significantly harmed the economy. He highlighted that the interim government has taken steps to restore order in the banking sector and improve economic indicators. He credited the disciplined remittance flow from expatriates as a crucial factor in supporting the economy. According to him, remittance inflows have continued to rise since the government took charge, reaching a record high in February with a 25% increase, totaling $2.5 billion. He assured expatriates that measures were being implemented to simplify banking procedures and ensure better services from embassies.  

The Chief Adviser accused the previous administration of orchestrating large-scale capital flight, claiming that over the past 15 years, $234 billion had been illicitly transferred abroad through various schemes. He pointed to an example where funds were sent overseas under the pretense of financing a student’s education, with an astonishing $3.33 million (approximately 400 crore BDT) being funneled abroad for just one semester’s expenses. He emphasized that international cooperation had been initiated to bring perpetrators to justice.  

Dr. Yunus also underscored the interim government’s commitment to boosting investment in Bangladesh. He revealed that major international investors, including DP World, Singapore’s PSA, and AP Moller-Maersk, had proposed multi-billion-dollar investment projects in the country. The Bangladesh Investment Development Authority (BIDA) is actively working to streamline licensing requirements and remove bureaucratic hurdles to attract foreign investors. He announced that an international investment summit would be held in Dhaka next month, where several global investors are expected to participate.  

The Chief Adviser mentioned his recent engagements with world leaders, highlighting the warm reception Bangladesh has received on the global stage since the new government took office. He recalled that at the World Economic Forum in Davos, he had participated in 47 separate events, engaging with global policymakers and business leaders. He also noted discussions with the United Arab Emirates regarding the reopening of visa facilities for Bangladeshis, expressing confidence that the issue would soon be resolved. Additionally, he revealed that the UAE had shown interest in developing an industrial zone in Bangladesh, with initial projects including a halal meat processing plant and a seafood processing factory.  

Dr. Yunus stressed the government's priority in controlling inflation and stabilizing essential commodity prices, particularly during Ramadan and Eid. He reassured the public that extensive measures had been taken to ensure steady electricity supply and prevent price surges. Reports from across the country indicated that food prices had remained stable, offering relief to consumers. He reiterated the government's commitment to maintaining this trend.  

Reflecting on the historical significance of March 25, Dr. Yunus paid tribute to the victims of the 1971 genocide perpetrated by the Pakistani military. He honored the sacrifices of freedom fighters and the resilience of the Bangladeshi people during the Liberation War. He also commemorated the martyrs of the July uprising, emphasizing that the movement had created an opportunity to build a just and equitable Bangladesh.  

Concluding his address, the Chief Adviser extended his best wishes for Ramadan and Eid-ul-Fitr, hoping for a joyous celebration for all. He reaffirmed the government’s resolve to continue its efforts to bring economic stability and prosperity to the nation.