The New Nation - Internet Edition

Staff Reporter

Both the newly appointed Finance Minister and Commerce Minister have declared crusade against 'business syndicate' to bring down the prices of essential commodities within the range of common people.

Bringing down of commodity price is principal pledge of Awami League led grand alliance, which mainly helped the coalition to come into power.

In his first day of work as in charge of Finance Ministry Abul Maal Abdul Muhit yesterday told newsmen that his government will intervene directly into the market and break the 'business syndicates'.

Muhit said the main task of the government is to control prices and, in this regard, a price commission will be formed. "All necessary steps will be taken to protect the rights of consumers," he said. "The government intervention will become inevitable if these syndicates fail to keep prices of essentials at rational levels," he added. "Syndication" in business in Bangladesh has become a key problem, he said. "We must break these syndicates and no patronisation of this system will be tolerated."

"If they try to escalate prices then the government will import essentials to sell in the market," Muhit said.

The Minister referred to his recent comment in a talk show concerning the high price of edible oil in the local market compared to low prices in the international market. "The next day the price per litre of edible oil went down by Tk 20," he said.

Muhit also assured a separate food budget, saying, "To determine what commodities have to be imported and when, a separate budget must be formulated." "We must also have a reserve policy," Muhit said.

Expressing his unhappiness over the pace of Annual Development Plan implementation he said, "Six months of the current financial year has already passed under the caretaker government and the implementation of the ADP is not satisfactory." Some restructuring will become necessary, said the Finance Minister.

The minister promised that reduction of interest on bank loans, fixing an exchange rate mechanism for the taka, increase of export and remittance and other economic issues will be given top priority. Steps will also be taken to create as many jobs as possible, find solutions to power and energy crises, Muhit said.

On the other hand, Commerce Minister Let Col (retd) Faruq Khan said it would be possible to bring down high prices of essentials.

"We hope that the businesses will perform their respective duties--from now on no one will have to pay ransom to do their business," he said.

Talking newsmen after taking the charge of Commerce Ministry yesterday afternoon, he assured that no businesses would have to pay toll to do their business in the country anymore.

Responding to questions, he said pulling down the prices of essentials would be the first priority for his government as the newly elected Prime Minister, Sheikh Hasina, said so just after taking oath on Tuesday evening.

Unprecedented price spirals in recent times put people, particularly the commoners, into plight. Besides international market heating up before the recent financial meltdown, business syndication has been blamed for jacking up the prices.

"The prices of essentials have started coming down already, and the indications that have come for last 4/5 days are very much positive," the new Commerce Minister told the journalists.

He also mentioned that this happened as the businesses now regained a link of confidence with the people of the country.

Colonel Faruk warned the dishonest businesses that the government would take its own course if they found any misappropriation in the name of doing business.

"This measurer will be stern punitive," he said.

Replying a question, the Minister said that his government never divided the businessmen branding them as pro-Awami League or pro-BNP.

Khan informed that he already had discussion with some business leaders over telephone about the market price in the country. "All of them assured me that they will cooperate with the government to maintain a reasonable price situation," he said.