“The macroeconomic stability of the country is not threatened due to the Russian-Ukrainian crisis”

says Finance Minister AHM Mustafa Kamal

Finance Minister AHM Mustafa Kamal. The photo is taken from his Facebook page.

“>


Finance Minister AHM Mustafa Kamal

Finance Minister AHM Mustafa Kamal. The photo is taken from his Facebook page.

Finance Minister AHM Mustafa Kamal today told parliament that the Russian-Ukrainian crisis will not put the country’s macroeconomic stability at great risk for the time being, even if it affects the country’s economy.

The minister made the request when responding to a question from Shafiul Islam, MP for the Awami League of Dhaka-10.

The 17th session of parliament began around 5:00 p.m. with Speaker Shirin Sharmin Chaudhury in the chair.

The question and answer session from yesterday’s session was tabbed.

The Finance Minister, in his written response, said that the Russian-Ukrainian military crisis will hit Bangladesh’s economy in the short to medium term.

“What the long-term outcome will be will depend on how long the war lasts and how long the situation changes due to the war. However, it seems that even though this crisis affects the economy of Bangladesh, it does not the stability of the country’s macro-economy is currently very much at risk,” he said.

The finance minister said the Russian military campaign in Ukraine, along with Western economic sanctions against Russia and its ally Belarus, had had a negative impact on the global economy. The crisis has destabilized the fuel and natural gas markets. The Russian-Ukrainian crisis has also affected Bangladesh.

He said the ongoing military crisis and sanctions could inevitably push up the prices of natural gas, crude oil, fertilizers, wheat, nickel, aluminum and important raw materials for electrical products and related end products.

“The rise in oil and gas prices has led to an increase in the cost of food, consumer goods, industrial raw materials and international transport, which could lead to inflation of 4% in the country.

The crisis could also complicate payments for garment exports from Bangladesh to Russia, the minister said.

Edward N. Arrington