Bangladesh's new budget is being placed in parliament today amid modest expectations as the economy faces stubbornly higher inflation, slower business activity, depleting forex reserves, and challenges in generating revenues.
Finance Minister Abul Hassan Mahmood Ali is set to lay in the House the maiden national budget authored by him for the next fiscal year (FY 2024-25).
The incumbent finance minister is set forth the budget through PowerPoint presentation at the Jatiya Sangsad after the budget session resumes at 3:00pm.
Likely size of the budget is Tk 7.97 trillion with a GDP-growth target of 6.75 per cent and an annual average inflation target of 6.5 per cent. The monthly inflation rate is now touching almost double digits.
The government eyes finances worth Tk 5.45 trillion, inclusive of foreign grants, for financing the deficit budget.
The budget deficit has been estimated at Tk 2.51 trillion.
The government has planned to borrow Tk 1.61 trillion from domestic sources while Tk 907 billion from external sources.
Of the domestic borrowings, Tk 1.375 trillion may come from the banking system, according to officials of the finance division who are familiar with the budgeting arithmetic.
According to a press release from the finance division, this is the 21st budget under the leadership of Prime Minister Sheikh Hasina. This is the first budget in the fourth term of the Awami League-led government.
The theme of the budget for the next fiscal year is 'Pledge toward building a happy, prosperous, developed, and smart Bangladesh', attuned to the government pledges.
The press release says, "To make the budget more participatory, all the budget documents would be uploaded onto the websites of the Finance Division www.mof.gov.bd the NBR www.nbr.gov.bd while anyone can read and download these documents while browsing those websites."
Besides, anyone from home and abroad can send their opinions and recommendations on the budget through the email [email protected].
The Finance Minister would hold a post-budget press conference tomorrow (Friday) at 3:00pm at Osmani Memorial Auditorium in Dhaka.
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