'Diversify export basket, lower import to stabilise currency'

Prime Minister's Private Industry and Investment Adviser Salman F Rahman stressed the need for diversifying the export basket and lowering imports to stabilise the currency. He said the austerity measures taken by the government and the central bank to contain the rising trend of import since early this year are paying dividends as import costs have already shrunk to US$6 billion from over $8 billion a month. Mr Rahman was addressing a business luncheon meeting titled 'BMCCI PowerLunch' organised by Bangladesh-Malaysia Chamber of Commerce and Industry on recent macroeconomic issues at a city hotel, said a press release.

He said the import bill used to be $8 billion a month, which came down to $7 billion last month and $6 billion this month. "I believe our issues will be resolved pretty soon." Mr Rahman said the prime minister took proactive initiatives to protect the economy in pandemic times and she did the same when the dollar prices began skyrocketing. Also, Bangladesh Bank has taken initiatives to reduce imports at the right time, he added. "When this government came to power we had about 4,000 MW capacity in electricity, but now it rose to 22,000 MW which reveals our potent energy situation."

Speaking on the occasion, BMCCI President Syed Almas Kabir said 'BMCCI PowerLunch' aimed for macroeconomic analysis which broadly focus on current economic situation and inform the overall health of economy, a comprehensive view of the recent global financial crisis within a framework and the factor concerning monetary and fiscal policy for crisis management. Malaysian High Commissioner to Bangladesh Haznah Md Hashim and acting CEO of Robi Axiata Ltd Riyaaz Rasheed also spoke, among others.

Salman F Rahman urges private sector to curb power consumption

Prime Minister's Adviser for Private Industry and Investment Salman F Rahman called on the private sector to reduce power consumption in a bid to support the government in tackling the ongoing energy crunch. "Private sectors should save electricity wherever they can," he said while addressing a seminar at the capital's Matijheel organised by the Dhaka Chamber of Commerce and Industry (DCCI).

Speaking as the chief guest at the event, he also said the measure will only be temporary. The businessman's request to the private sector comes a few days after the government instructed energy consumption in government offices to be reduced by 25% among other austerity measures to navigate through the crisis.

Government and private sector representatives were also present in the seminar titled 'Export of Pharmaceutical sector upon LDC Graduation: Strategies & Way Forward'.

An abnormal rise in fuel oil price in the international market is hampering fuel oil-based power production in the country. To tackle the situation, the government has taken several measures including closing shops after 8.00pm and daily rotating blackouts with timetables for specific areas.