The Bangladesh Economic Association (BEA) said Saturday implementation of the proposed budget for the fiscal year 2014-2015 would be possible if the government could effectively handle some issues including political stability, active administration and keeping inflation below 7 per cent.
The Association put 25 recommendations to the government for proper implementation of the budget.
"A combined monitoring system should be developed to implement the proposed budget and achieve 7.2 per cent GDP (Gross Domestic Product) growth. It would not be impossible to achieve the proposed targets (on various sectors) if there is no major deviation from the proposed structure of the budget," BEA general secretary Dr Towfique Ahmed Chowdhury said in a written speech at a press conference on the proposed budget at the BEA auditorium in the city.
Association president Dr Abul Barakat and other committee members were present.
To bring black money in to the formal sector, the BEA secretary urged the government to form a commission and publish a white paper containing the actual scenario of such money.
"As about 42 to 82 per cent of our GDP is black money and it is not coming into the formal sector despite having provision, the government should take steps to tap the money for investment in the infrastructure sector with 'tough condition'," the BEA secretary said.
Dr Chowdhury said the government's various steps to revitalise the capital market did not bring mentionable results and the confidence of general investors was yet to be regained.
"To bring back the confidence of the investors, the persons engaged in the capital market scam of 2010 should be brought to book," Mr Chowdhury said in his speech.
The BEA secretary also recommended introduction of a financial statement system for every ministry and division to evaluate implementation of the budget.
On black money issue, Dr Barakat said the size of the black money stood at about Tk 5 trillion to Tk 7 trillion. "The money should be recovered," he said.
The BEA president said since the size of black money was large its investment should be allowed in the infrastructure sector - roads, bridges and power plants and industrial sector -- with a set of tough conditions.
Responding to a query, he said the budget was implementable if the issues mentioned earlier were addressed and if there was political stability.
On achievement of 7.3 per cent GDP growth, he said, "It would be tough to achieve the way the Finance Minister proposed. However, in a big economy like Bangladesh, it is not impossible to achieve it if the government can follow our recommendations."
Mr Barakat said both political instability and rising inflation rate were enemies of the GDP growth. "The government should be careful about both the issues," he added.
BEA for use of black money in infrastructure projects
FE Report | Published: June 08, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
Share if you like