Education, infrastructure development and planned urbanisation of villages will receive priority of the government in the budget for the next fiscal year (FY), 2019-20, Finance Minister A H M Mustafa Kamal said on Tuesday.
"Certainly, we have to increase our allocation for the education sector," the finance minister said after a pre-budget meeting in the city with the country's prominent economists and professionals.
"To march forward, our major target will be to create enough employment for young population. For that, it will be crucial to equip our young generation with latest skills and knowledge."
"That's why, the upcoming budget will see increased allocation for the education sector," Mr. Kamal further said.
The finance minister also emphasised increased privatisation of the education sector to bring the private sector players in the arena.
"In many countries around the world, the education sector is highly privatised. If we open our education sector (more) for the private sector, they (entrepreneurs) may add new dimension to it."
Mr. Kamal also said the upcoming budget will also see increased allocation for the mega infrastructure projects.
"Most of the major infrastructure projects are entering the final stage of implementation. At this stage, it will be important to allocate more resources for these."
The finance minister also informed that the 'Amar Gram Amar Shohor' (My Village My Town) scheme, outlined in the government's last election manifesto, will also get major allocation in the upcoming budget.
"We will go for planned urbanisation of the villages, so that establishments like rural markets are not set up here and there (in an unplanned way) and occupy unnecessary spaces."
"Such planned development will leave extra space for agricultural lands in villages," he opined.
During the meeting, the finance minister said the government will take steps to reform the laws relating to income tax, VAT and customs to simplify the relevant procedures.
"We also need a comprehensive insolvency act to address the ongoing problem of (rise in) non-performing loans in the banking sector."
"We will also like to strengthen our bond market, so that it can become a major source of long-term financing," he added.
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