A high-profile meeting at the finance ministry, presided over by finance minister Abul Hassan Mahmood Ali, voiced the note of warning after reviewing food stock and price situation.
Food Minister Sadhan Chandra Majumder, Agriculture Minister Dr Md Abdus Shahid, Fisheries and Livestock Minister Abdur Rahman, junior commerce minister Ahasanul Islam (Titu), the central bank governor, and secretaries from the ministries of finance and commerce, attended the meeting, among others.
An official, who attended the meeting, told the FE that the meeting decided to recommend for the national board of revenue (NBR) to lessen import duty on import-dependent items which have high prices in the international market.
Moreover, the businesses will be given required US dollars to import essential items to keep adequate stock.
Also, if the US dollar shortage comes as a barrier, emphasis will be given on import of commodities with alternative foreign currencies.
At the meeting officials from the ministry of commerce and the central bank placed an account of food stock, foods in pipeline, and letters of credit opened for importing essential commodities targeting the holy month of Ramadan.
"What we saw, the latest current situation, that there is no shortage (of food items) except the items needed during the month of Ramadan," the finance minister said while briefing newsmen after the stocktaking meeting.
"The stock is adequate…there is nothing to be worried…and no reason is there for shortage," he added.
The minister said some unscrupulous persons try to destabilise the situation taking the advantage of open-market economy but the government is quite aware of the situation and working on to keep the price level stable.
"When necessary, we will take very tough action," says the new economic pointsman of the current government.
Asked what types of action could be taken, the minister said: "If necessary, punitive actions will be taken and none will be spared."
However, the minister thinks that "time is yet to come" for taking punitive measures against the price manipulators.
Asked then why the emergency meeting on food situation has been convened, the minister said: "After the general elections now everyone wants to know what measures have been taken."
At one stage of briefing, the finance minister asked the food minister to reply a query on unusual price hike of rice.
However, the food minister, a Member of Parliament from Naogaon, a rice-production hub, home to the highest number of rice-processing mills in the country, declined to answer any query.
The finance minister claimed due to price hike of essentials, the farmers are getting benefited.
Replying to another query, the minister said if necessary, import of commodities will be encouraged.
Fisheries and Livestock Minister Abdur Rahman said there is no shortage of commodities in the market but "some middlemen are creating artificial crisis..."
syful-islam@outlook.com