Monday, June 26, 2017 | ePaper

Oil price cut to after PM's approval, says Muhith

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bdnews24.com :
The government's plan to cut oil prices in Bangladesh to boost economic growth is awaiting final approval from Prime Minister Sheikh Hasina, Finance Minister AMA Muhith has said.
"The prime minister's response is expected shortly."
Muhith is currently in Washington to attend the spring meetings of the
International Monetary Fund and the World Bank. His comments came during a media briefing following his meeting with IMF Deputy Managing Director Mitsuhiro Furusawa at the organisation's headquarters on Thursday.
The low prices of oil on the world market had previously prompted the finance minister to promise cuts in domestic prices, but they did not come to pass.
"I have told IMF officials that we wish to continue our subsidies on electricity and fuel," said Muhith.
"At the moment we wish to decrease the cost of oil a bit. We have informed the prime minister of our proposal. The price will be decreased once we have her approval."
"Out economists wish to cut the price of oil to boost the economy," said the finance minister. "I agree with them. This is why we have sought the prime minister's permission," he said.
Muhith said he also discussed Bangladesh's upcoming VAT plans with the IMF. "The IMF officials wished to know how we planned to implement the new VAT.

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