Implementing a budget is always challenging, especially during this pandemic, and it is not possible to say yet whether the proposed budget for fiscal year 20-21 reflects the understandings, the aspirations and the dreams of the people of the country.
To cope with this unprecedented shock, only an unsurpassed collaboration among all stakeholders can ensure recovery.
Former Bangladesh Bank governor Dr Atiur Rahman made the comment at a budget discussion organised by non-government think tank Unnayan Shamannay on Monday.
The Bangabandhu Chair Professor of Dhaka University said, “The proposed budget may not be as much ‘out of the box’ as many wanted it to be. But still the government has tried its level best to cautiously allocate adequate resources for the priority sectors.”
Moreover, he also stated that people need to focus more on how to save lives rather than argue about the viability of the growth rate projected in the budget proposal for the coming fiscal year.
The panel discussants at the webinar were Dr Mahbuba Nasreen (Professor, Dhaka University), Dr AK Enamul Haque (Professor, East West University), and Dr S M Zulfiqar Ali (Senior Research Fellow, BIDS).
The event was moderated by Unnayan Shamannay’s Emeritus Fellow Khondker Shakhawat Ali, according to a press release.
The panellists agreed that the proposed budget has attempted to address the challenges of the pandemic to a significant extent.
Yet allocations for priority sectors like health, social safety, agriculture and education could be further increased through redistribution of sectoral allocations, they belived.
Dr Zulfiqar Ali pointed out that there is scope for coming up with new safety net programmes to support those who have been brought down the poverty line due the pandemic-induced economic slowdown.
Dr AKE Haque said allocations in health indicate quantitative change only.
“While these quantitative changes are expected as well as necessary, the budget should have adequately focused on the qualitative side of health sector as well”, he believes.
Dr. Mahbuba Nasreen identified the education sector getting top priority in terms of share of budget to be commendably consisted.
However, she opined, “… to make sure the education system can cope with the corona shock, all stakeholders of education must come together.”