The government will revise the national budget downward next month due to the mismatch between revenue receipt and revenue expenditure target following two-month-long restive politics that had impeded economic activities.
Finance Minister AMA Muhith told reporters Tuesday that the government is now working on the issue and it will revise the budget sometime in the first week of February.
The finance minister said the government is going to downsize the national budget considering two factors. The first factor is last year's revenue mobilisation was less than target and secondly, during the last two months, the economic activities suffered adversely, he added.
"The departments concerned are working on the issue, we expect during the first week of February we'll get an accurate picture in terms of revenue collection and expenditure," the finance minister told the media people at his secretariat office.
Mr Muhith said the revenue collection fell short of the target over the past six months.
In line with the downsized budget, the government has planned to revise downward the gross domestic product (GDP) growth by nearly 1.0 per cent to 6.3 per cent.
The finance minister in June, 2013 placed the national budget for the current fiscal year (2013-14) in parliament with GDP projection at 7.2 per cent.
The budget set a revenue income target at 14.1 per cent of GDP, of which NBR tax revenue is 11.4 per cent.
He hinted that the country's annual development programme (ADP) outlay would also be revised downward in line with the downsized budget.
Replying to a question relating to separate pay scale for banks, Mr. Muhith said the government will announce a separate pay scale for the banking sector soon.
"We took initiative on the issue and definitely, we'll not drop it from our list," he replied.
Before the press briefing, Mr. Muhith met with the high officials of the Finance Division, Bank and Financial Institution Division, National Board of Revenue (NBR) and the Economic Relations Division (ERD) under the Finance Ministry.
Replying to a question on the next government plans, the finance minister said: "How will we mobilise resources, how to bear expenditure……".
About the revenue collection in the last six months, he said the shortfall was against the target.
Mr Muhith said the main objective is to expedite the economic activities and restore law and order in the country.
"If you ensure law and order, then, things will change rapidly. The foreign investors will come back," Mr. Muhith said.
Replying to a query about the much-talked-about Padma Multipurpose Bridge, Mr. Muhith said the government will implement the project by its own fund.
"We'll not seek any funding from the global lender," he added.
"But if any organisation wants to join us, we'll welcome it," Mr Muhith said.
He, however, said the government wrote to the Asian Development Bank (ADB) to reassess the Padma Bridge project in October last. "We're yet to get any reply from the ADB," he said.
Mr Muhith said the government did not receive any funding proposal from India on the Padma Bridge Project.
He said: "The original work on the bridge will not start during the current fiscal year."
Replying to a question relating to foreign pressure on the mid-term polls, Mr. Muhith said the government is not facing any pressure. Replying to another question, Mr. Muhith said the package for the RMG sector, including the BGMEA and BKMEA, is yet to be finalised.
"It will go up to Prime Minister," Mr Muhith said.
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