Spending likely to rise by 5.0pc to Tk 1.19t

The government is likely to allocate 5.0- -per-cent higher funds in the upcoming national budget for expanding coverage of the social safety-net programmes, taking the total allocation for the poor and vulnerable to Tk 1.19 trillion, officials said.
Besides, the current allowance amounts for the old-age populations and widows are likely to be boosted from the next fiscal year (FY), 2023-24, the Ministry of Finance (MoF) officials told the FE on Friday.
In the national budget for FY 2022-23, the government has allocated Tk 1.13 trillion fund for the social safety-net programmes, which is 2.55 per cent of the Gross Domestic Product (GDP).
In the previous FY, 2021-22, the allocation was Tk 1.07 trillion, 3.11 per cent of the GDP.
The MoF is working to formulate the national budget for the next FY, and it is likely to be placed before the parliament on June 1.
The social protection in the budget is provided in the forms of cash allowances, public works, and education and health incentives for poor and vulnerable households - to contribute to the country's fight against poverty and to improve human capital.
The social safety-net programmes in Bangladesh cover widows, old-age population, physically challenged people, mothers, freedom-fighters, retired civil servants, etc.
Besides, cash-based social protection system, including food for work, cash for work, test relief, open market sale, vulnerable group feeding, and stipend for students are also available here.
"We have proposed Tk 1.19 trillion allocation in the national budget for FY 2024, which is some 5.0 per cent higher than that in the current one," said a senior MoF official.
He also said the coverage as well as the amount of allowance for each beneficiary would be increased from the current level in some categories.
According to the proposal, allocation for old-age population will be expanded to 5.80 million eligible beneficiaries in the next year from the current 5.70 million.
Besides, the current Tk 500 allowance per beneficiary will be increased to Tk 600.
The expanded coverage and unit allocations would require an additional Tk 7.61 billion fund in the upcoming national budget, the MoF officials said.
The allocation for the widows will be boosted to Tk 600 per person in the next FY from the current amount of Tk 550.
The coverage will also be expanded to 2.575 million widows in the forthcoming fiscal from that of 2.475 million in the current fiscal.
The expansion of allowance and coverage for the widows will require an additional Tk 2.16 billion fund in the next budget.
For the disabled and physically challenged population, the government is likely to provide Tk 5.50 billion additional fund in the next budget from the current allocation.
The total coverage will be expanded to 2.9 million population from the current 2.36 million, they added.

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