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HomeEconomyTime for austerity, time for generosity

Time for austerity, time for generosity

Austerity and generosity may not go hand in hand, but Finance Minister AHM Mustafa Kamal faces a situation where he has to apply both when he unveils the budget for the next fiscal year today.

Austerity is the need of the hour because abnormally high imports, albeit needed to support the economy rebounding from the coronavirus pandemic, and higher commodity prices mean the septuagenarian politician will have to go all the way to save every penny he can amid depleting foreign reserves and lower revenue collection.

He has to be generous as never in recent memories, so many people of Bangladesh have looked to the government like they are doing now, in order just to protect themselves from the painful onslaught of higher inflation.

It seems that Bangladesh is now at an inflection point.

Bangladesh had recovered swiftly from the fallout of the coronavirus pandemic and was…

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