Inflation
Why Tulip Siddiq’s resignation matters to Bangladeshis more than the British
Tulip Siddiq, a minister from the UK’s ruling Labour Party, resigned from her position as the Economic Secretary to the Treasury and City Minister after being implicated in an investigation regarding the alleged embezzlement of £3.9 billion from Bangladesh's infrastructure projects. The accusation is that her family was involved in the misappropriation of these funds. Following the involvement of her name in a corruption investigation in Bangladesh, pressure had been mounting for her resignation. Recently, she, along with her mother, brother, sister, and aunt, has been accused in a corruption case in Bangladesh. However, Tulip Siddiq has consistently denied the allegations.
Why sudden VAT increase amid high inflation?
For the past two years, the people of the country have been struggling against rampant high inflation. According to the Bangladesh Bureau of Statistics (BBS), the average inflation last year was 10.34 per cent. Although the overall inflation decreased slightly in September, food inflation remained above 10 per cent. BBS data shows that in December, food inflation was 12.92 per cent, while non-food inflation was 9.26 per cent.
BB withdraws policy interest rate hike initiative
BB withdraws policy interest rate hike initiative
Bank bailouts through money printing could ignite inflation
Bank bailouts through money printing could ignite inflation
Political shifts occur, but market syndicates persist
It has been less than two and a half months since the interim government took charge, making it premature to conduct an in-depth analysis of its successes or failures. This government assumed responsibility amid complex challenges in both the political and economic realms. Its primary duty is to enact effective reforms in political and economic sectors to facilitate broad-based, participatory national elections that are considered credible both nationally and internationally. With this objective, the government has embarked on various reform initiatives, forming several committees to propose recommendations, which are expected within the next three months.
Effective taxation is necessary to restrain cigarette consumption
Smoking is one of the leading causes of preventable death worldwide. In Bangladesh, every year, about 161,000 people die due to the use of cigarettes and other tobacco products. It affects people regardless of age, especially lower-income people, as one-fifth of their income is spent on buying tobacco products. Apart from this, a large sum of money is spent on the treatment of diseases caused by tobacco use. The total loss we incur from cigarettes is many times greater than the revenue from cigarettes. According to statistics, in the fiscal year 2017-18, BDT 22,810 crore was received from taxation of selling tobacco products, but in the same year, the healthcare cost due to tobacco-related illness was BDT 30,560 crore.
Lawmakers urge to impose effective tax on cigarettes in budget
To realise the goal of making 'Tobacco-free Bangladesh' by 2040, the availability of cigarettes in the country should be reduced.
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