Dr. Atiur Rahman, former governor of Bangladesh Bank, said on Saturday that the government may need to change policies and strategies in the middle of the fiscal year because the year ahead will be difficult.
Rahman made the remarks during a discussion of the proposed budget for fiscal 2022-23 at Unnayan Shamannay’s office in Dhaka’s Banglamotor. He claimed that the world is experiencing ‘stagflation’ (higher inflation and slower growth), and that the effects are already being felt in Bangladesh. The former BB governor urged the government to reconsider tax proposals such as raising the source tax on all companies’ interest income, increasing taxes on mobile phones, laptops, and broadband internet services, and limiting the ability to bring back laundered money.
He also stated that by reducing unnecessary spending, additional allocations for social security, education, and health could be ensured.