Large deficit budget to be a 'burden on the country'
FE Report | Friday, 13 June 2008
Speakers at a seminar Thursday were critical of the recently announced national budget, saying that such a large deficit budget would be a burden on the country in terms of debt-servicing.
They also observed that despite proposing a large volume of subsidy, the 2008-09 fiscal budget had also failed to ensure proper justice and equity in its payment process.
Organised by the Equity and Justice Working Group (equitybd), the seminar was held at the National Press Club.
Rashed Al Titumir of Unnayan Anneshan, Organising Secretary of Bangladesh Awami League Mahmudur Rahman Manna, Agriculture Affiars Secretary of Bangladesh Nationalist Party (BNP) and former MP Shamsuzzaman Dudu, among others, spoke on the seminar.
Convener of the Equity and Justice Working Group Rezaul Karim Chowdhury moderated the seminar.
In his speech, Mr. Titumir said since the government has planned to implement the 2008-09 fiscal budget with substantial debts, there is little possibility of achieving any positive economic growth.
Besides, enhanced borrowings by the government will also limit the participation of the private sector in the development process, he observed.
Mr. Manna said although the government in the proposed budget has left the country's development activities on the market system, it has no control over it.
He further said there has been a supply crisis of natural gas in the country mainly due to lack of conduction of survey on the natural resources over the last three years, As a result, the production activities of the local industries are being affected, he added.
The prices of most of the essential commodities have increased by more than two times over the last 15 months, Mr. Shamsuzzaman said.
He also criticised the government for doubling the selling rate of fertiliser just a couple of days after announcing the national budget, in which it made a proposal for raising its volume of subsidy on fertilizer.
They also observed that despite proposing a large volume of subsidy, the 2008-09 fiscal budget had also failed to ensure proper justice and equity in its payment process.
Organised by the Equity and Justice Working Group (equitybd), the seminar was held at the National Press Club.
Rashed Al Titumir of Unnayan Anneshan, Organising Secretary of Bangladesh Awami League Mahmudur Rahman Manna, Agriculture Affiars Secretary of Bangladesh Nationalist Party (BNP) and former MP Shamsuzzaman Dudu, among others, spoke on the seminar.
Convener of the Equity and Justice Working Group Rezaul Karim Chowdhury moderated the seminar.
In his speech, Mr. Titumir said since the government has planned to implement the 2008-09 fiscal budget with substantial debts, there is little possibility of achieving any positive economic growth.
Besides, enhanced borrowings by the government will also limit the participation of the private sector in the development process, he observed.
Mr. Manna said although the government in the proposed budget has left the country's development activities on the market system, it has no control over it.
He further said there has been a supply crisis of natural gas in the country mainly due to lack of conduction of survey on the natural resources over the last three years, As a result, the production activities of the local industries are being affected, he added.
The prices of most of the essential commodities have increased by more than two times over the last 15 months, Mr. Shamsuzzaman said.
He also criticised the government for doubling the selling rate of fertiliser just a couple of days after announcing the national budget, in which it made a proposal for raising its volume of subsidy on fertilizer.