Helping out marginalised people from price surges and economic-growth rebound top targets in a Tk 6.78-trillion new budget the government unfurls today (Thursday) at a worldwide crunch time.
Agriculture, health, human resources development, employment, and education are among the priorities set in the national budget for fiscal year (FY) 2022-23, according to a press release issued Wednesday by the finance division.
"The government has rightly emphasised how to tackle the inflationary pressure through budgetary supports," says the release.
Titled in Bengali 'Covider obhighat periye unnayaner dharabahikotai prothyabortan (Comeback to the development trajectory after overcoming the covid shocks), the budget speech, crafted by combining achievement in the past and present reality, will be presented in the national parliament or Jatiya Sangsad at 3:00pm.
This happens to be the 51st budget since the independence of Bangladesh and the 14th in a row by the Awami League government.
It will be the fourth consecutive budget to be placed by the incumbent finance minister, AHM Mustafa Kamal. The auditor-turned-politician's budget speech will be a brief one, officials told the FE.
The fiscal blueprint comes with a record outlay of Tk 6.78 trillion, up over 14 per cent from the revised budget size of the outgoing fiscal year.
Of the outlay, Tk 3.70 trillion is expected to come from the National Board of Revenue (NBR). This is higher by over 12 per cent than the current year's revised budget.
The government eyes non-tax revenue or NTR worth Tk 450 billion to feed the budget. Non-NBR tax income is expected to be Tk 180 billion.
The budget deficit is going to break its traditional band of 5.0 per cent of the GDP again, with the imbalance reaching 5.5 per cent.
Government borrowing target from the banking system is Tk 1.06 trillion or up by around 22 per cent from the revised budget figures, which economists feel may create a crowding-out impact on the economy leading to fund shortage for private-sector investors.
The government plans long-term borrowings worth Tk 680 billion and midterm loans amounting to Tk 381.42 billion. The government also wants to borrow Tk 350 billion with national savings certificates.
The GDP (gross domestic product) growth rate may be set at 7.5 per cent, and the inflation rate at 5.5 per cent, officials concerned said Wednesday.
Like in the previous years, this year also the budget will be presented on PowerPoint, and documents will be available on the websites---www.mof.gov.bd,https://nbr.gov.bd,https://plandiv.gov.bd,https://imed.gov.bd,https://www.dpp.gov.bd,https://pmo.gov.bd.
Mr Kamal will speak at a post-budget press conference in person tomorrow (Friday) at 3:00pm at Osmani Auditorium in the city.
