High powered cell to help rein in prices of essentials soon

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FE Report
The interim government is considering to establish a high powered cell comprising members drawn from relevant agencies including the joint forces to help rein in prices of essentials, especially during the upcoming Ramadan.
Expressing concern over the current price hike of essential items, the weekly meeting of the Council of Advisers discussed Saturday, among others, the formation of such a body.
"A proposal on the formation of a high-profile body to oversee the price trends of essential commodities was discussed at the Council of Advisers' meeting with the Chief Adviser (CA) Fakruddin Ahmed in the chair," the CA's Press Secretary Syed Fahim Monaim told newsmen.
The main task of the proposed cell will be to monitor the price situation of essential items and suggest the authorities concerned to take necessary measures for checking any unusual price hikes, he said.
However, the Ministry of Commerce and the Bangladesh Rifles (BDR) separately made their presentations on the overall price situation of essential commodities at the council meeting, Fahim told the press briefing.
They found both external and internal factors responsible for the current hike in the prices of various essential commodities at the domestic level, he noted.
Referring to the forecast of the Food and Agriculture Organisation (FAO), he said output of wheat, pulses and powdered milk might fall in the major producing countries this year, which could push up their prices further.
Against this backdrop, some countries, namely Pakistan and India have already limited their wheat exports.
Citing the presentations, Fahim said the price of rice had increased by 15.92 per cent in the international market, followed by wheat with 35.35 per cent, soyabean oil with 30.39 per cent, pulses with 15.63 per cent, gram 79.04 per cent and powdered milk with 5.63 per cent.
On the other hand, their prices increases are: 9.50 per cent, 19.04 per cent, 26.16 per cent, 33.06 per cent, 23.39 per cent, 40.58 per cent, 14.55 per cent and 8.66 per cent respectively in the local market, he added.
Fahim, however, ruled out the possibility of having any 'famine' like condition in the country, saying the government had adequate food stocks to cope with such unavoidable situation.
The government has already taken steps to import 0.45 million tonnes of rice and 0.35 million tonnes of wheat for boosting its foodgrain stocks, he said.
Apart from exemption of entire customs duties on import of both rice and wheat, the government has also reduced duties on import of some other items like edible oil, pulses, sugar, milk powdered to help lower their prices in the local market.
The authorities will continue the programmes like VGD and VGF even after the floods recede to sustain the supply of rice and wheat for the poorer segment of the people.
Moreover, the BDR has planned to raise the number of its sales outlets to 200 in 32 districts of the country from the existing 78 to help reduce the essential prices during the Ramadan, he mentioned.
Under its ongoing 'Dal-Bhat' programme, the BDR has already been sanctioned Tk 900 million as interest-free loan for importing 90,000 tonnes of foodgrain, he said adding that the government will get 70,000 tonnes of the total imported volume.
Meanwhile, the council meeting approved the proposal for amendment to the article 7(1) of the President's Remuneration and Privileges Act-1975, raising the contingency fund to Tk 10 million from the existing Tk 5.0 million.
The meeting also approved the proposal for amending the Pourashava Ordinance-1977, incorporating the provision that would allow elected Pourashava commissioners to be suspended temporarily.
It also approved an Ordinance amending the Court Reform Implementation Assistance Provision Act 2004 aiming to enhance the capacity of judiciary under the World Bank-supported project.
Under the amendment, five more district courts in Rajshahi, Chittagong, Sylhet, Barishal and Mymensigh will come under purview of the project apart from the earlier five district courts.