Budget lacks measures to cut cost of doing business: BEA

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FE Report
Bangladesh Economic Association (BEA) Sunday said the budget lacks effective measures to reduce the cost of doing business in the country.
Speaking at a post-budget press briefing, BEA president Abul Barkat said: "The government should take appropriate measures to reduce cost of doing business while finalising the budget."
The BEA organised the press briefing at its office in the city, attended by its senior members.
Mr Barkat, who is also chairman of Janata Bank, said: "We want investment-friendly budget. But it is not possible without reducing the cost of doing business."
The BEA proposed to incorporate measures in the final budget to combat the deteriorating law and order situation.
Mr Barkat said corruption is inherent in a free market economy: "We must take proper steps to bring down corruption to a tolerable level."
The BEA, however, proposed to expand the country's bond market saying: "This will solve the long-term financing crisis of the government projects."
Abul Barkat said the expansion of bond market will help diversify the port-folios for the financial institutions.
The BEA in its post budget reaction also said the government should take steps to reduce the sufferings of the people who have been brought under social safety net this year.
BEA general secretary Toufic Ahmed Chowdhury said many elderly people wait in banks for long hours to receive government allocated money.
Hailing the measures of 'khas' land distribution to the landless people, the BEA said the government should form a land reform commission to hand over lands properly to landless people.
The BEA also said the final budget should expand the areas of agricultural insurance to include landless and marginal farmers.
The forum of economists recommended formulation of a task-force involving 10 big ministries to monitor the ADP implementation.
"We see 40 per cent ADP (annual development programme) implementation in 10 months of the fiscal year and 30 per cent more implementation within next two months. Is it really implementation?" the BEA general secretary said.
The BEA, however, said the assumptions taken to prepare the budget are rational and will help achieve the goal of the budget.