A notification in this regard was issued by the Ministry of Finance on Monday (May 16). After government officials and employees, this time the government has also suspended foreign travel at the expense of the own funds of statutory, state-owned, autonomous, semi-government and state-owned companies and financial institutions.
On May 12, the government issued a circular banning foreign visits of government officials without special requirements to reduce pressure on foreign exchange reserves. Earlier on May 11, Finance Minister Aham Mustafa Kamal said the government would not bear the cost of foreign trips of government officials for less important projects such as car purchase, building construction and renovation, road construction. He also said that projects that require foreign currency are being postponed.
Economists say there has been speculation for several days about whether the situation in Bangladesh is similar to that in Sri Lanka. In short, there is not much fear at the moment. But that does not mean that we are financially secure. Instead, we need to understand our own problems and take action.
Given the current high inflation, rising import costs and pressures on foreign exchange reserves, the inability of remittance inflows to meet international trade deficits, and the slow pace of implementation of major development projects, we need to take appropriate steps to address our own economic problems. Analysts