Budget implementation within current deficit a major challenge for govt
Thursday, 12 July 2007
Proper implementation of the budget within its current deficit is a major challenge for the government, said Finance Adviser Mirza Azizul Islam, reports UNB.
"Like other developing countries, we've many challenges, but we're considering the high revenue collection target and implementation of the budget within its current deficit as our main challenges," he told reporters after a meeting with Bangladesh Women's Chamber of Commerce and Industry (BWCCI) at the NEC conference room in the city Wednesday.
BWCCI president Selima Ahmed led her team.
Referring to the revenue collection target with 17 per cent growth, Aziz said the collection rate has so far been good, "but we need to keep up the momentum in the remaining time."
About the budget deficit, he said the country's budget deficit is
currently 5.6 per cent. "We've to make sure this does not increase further," he said.
On the remarks of various quarters that it would be difficult to implement the budget, the finance adviser said the government is taking initiatives for proper implementation of the budget. "We're very much active for smooth implementation of the budget and we're aware too about the hindrances that might stand in its way," he said.
Aziz said there is no failure of the government in the financial sector in the last six months, but he has some discontents. "I won't say I don't have any discontent during the period, but I must say I don't have any dissatisfaction. And that is price hike," he said.
He, however, said the prices of some essential commodities have marked a fall recently. "But, I would be happy if the prices of other goods also come down. I know it's tough as the prices of those have gone up in the world market," he said.
About the success of this government in the last six months, he said the macro-economy of the country is still stable, disbursement of foreign aid has increased in addition to the announcement of a budget and import and export policies.
"Before January 11, the disbursement of foreign aid was US$ 400 million where it is $ 1.4 billion at the fiscal-end," he said.
The adviser said the government has widened the social safety net in the budget and there is nothing in it that would affect the national economy. "We've also liberalised our import duties where needed."
He added the government has taken various steps to stabilise the market prices.
In the telecommunication sector, the adviser said, the government has formulated a draft policy for VoIP business. "This will be sent to the council of advisers," he said.
Earlier in the meeting, the adviser assured the BWCCI leaders that the government would consider enhancing the amount of SME loan from Tk 400 million (40 crore) for the women entrepreneurs.
"We've to extend our cooperation to the women entrepreneurs to encourage them," the adviser said.
"Like other developing countries, we've many challenges, but we're considering the high revenue collection target and implementation of the budget within its current deficit as our main challenges," he told reporters after a meeting with Bangladesh Women's Chamber of Commerce and Industry (BWCCI) at the NEC conference room in the city Wednesday.
BWCCI president Selima Ahmed led her team.
Referring to the revenue collection target with 17 per cent growth, Aziz said the collection rate has so far been good, "but we need to keep up the momentum in the remaining time."
About the budget deficit, he said the country's budget deficit is
currently 5.6 per cent. "We've to make sure this does not increase further," he said.
On the remarks of various quarters that it would be difficult to implement the budget, the finance adviser said the government is taking initiatives for proper implementation of the budget. "We're very much active for smooth implementation of the budget and we're aware too about the hindrances that might stand in its way," he said.
Aziz said there is no failure of the government in the financial sector in the last six months, but he has some discontents. "I won't say I don't have any discontent during the period, but I must say I don't have any dissatisfaction. And that is price hike," he said.
He, however, said the prices of some essential commodities have marked a fall recently. "But, I would be happy if the prices of other goods also come down. I know it's tough as the prices of those have gone up in the world market," he said.
About the success of this government in the last six months, he said the macro-economy of the country is still stable, disbursement of foreign aid has increased in addition to the announcement of a budget and import and export policies.
"Before January 11, the disbursement of foreign aid was US$ 400 million where it is $ 1.4 billion at the fiscal-end," he said.
The adviser said the government has widened the social safety net in the budget and there is nothing in it that would affect the national economy. "We've also liberalised our import duties where needed."
He added the government has taken various steps to stabilise the market prices.
In the telecommunication sector, the adviser said, the government has formulated a draft policy for VoIP business. "This will be sent to the council of advisers," he said.
Earlier in the meeting, the adviser assured the BWCCI leaders that the government would consider enhancing the amount of SME loan from Tk 400 million (40 crore) for the women entrepreneurs.
"We've to extend our cooperation to the women entrepreneurs to encourage them," the adviser said.