Bangladesh
MoS for Planning There is no relation between IMF loan and rise in commodity prices: MoS for Planning
Dhaka, February 15: State Minister for Planning Professor Dr. Shamsul Alam has said that there is no relation between the IMF loan and the rise in commodity prices.
He said, even if the IMF did not give the loan, we would have needed to increase the prices in some places. The loan given to us by the IMF is very small compared to the total GDP. That is why I am saying that commodity prices have not increased under IMF conditions. Even without the IMF loan, we would have had to cut subsidies and raise the prices of some products.
The Minister of State for Planning said these things at the development dialogue organized by Development Journalists Forum of Bangladesh (DJFB) at Sher Banglanagar NEC conference room in the capital on Tuesday.
He said that there is no relation between the IMF loan and the increase in the prices of goods. There is no condition on the rise in commodity prices in the IMF loan. I got more loans than I asked for. The IMF has given loans because it has confidence in our overall economy. The IMF is more than happy to lend. Pakistan has not yet received an IMF loan, but we have received more than we expected.
In response to the question of where the IMF loan will be used, the state minister said that the loan will be used in the budget. That means IMF loans will be used where needed.
Meanwhile, claiming the rice market system in the country as fraudulent, Professor Dr. Shamsul Alam said, we have to reform the market system. The rice market is completely fraudulent. The name by which the rice is made is not inside the bag. Golden rice is coarse, it is pounded and sold as Pushpamati. Makes coarse rice smooth. Rice should be sold under the same name as paddy. Fraud in the rice market cannot be allowed to continue, it must be stopped.
He said, by polishing the rice is thrown away (trimmed), by polishing it is made smooth. Fraud cannot continue in the rice market. Small rice is made by buying machinery worth crores of rupees. Three machines pass through the coarse rice to make it fine. Quick action will be taken in this regard. The real nutrition of rice lies in the layer above the rice. But it is cut off, it cannot go on.
