Finance Minister AHM Mustafa Kamal
Overall budget deficit Tk. 190,000 crore in 2020-21
The overall budget deficit will be Tk. 190,000 crore in the fiscal year 2020-21, which is 6.0 percent of GDP.
Finance Minister AHM Mustafa Kamal disclosed this while placing the national budget in parliament on Thursday.
He mentioned that deficit stood at 5.0 percent in the last fiscal year.
He said that in FY 2020-21, the size of the total expenditure has been estimated at Tk. 5,68,000 crore, which is 17.9 percent of GDP.
Total allocation for operating and other expenditures is estimated at Tk. 3,62,855 crore, while the allocation for the annual development program (ADP) is Tk. 2,05,145 crore.
Out of the total deficit in 2020-21, Tk. 80,017 crore will be financed from external sources, while Tk. 1,09,983 crore from domestic sources of which Tk. 84,983 crore will come from the banking system and Tk. 25,000 crore from savings certificates and other non-bank sources.
11.2 percent of budget to go on interest payments
The government has to spend Tk. 63,801 crore in interest payments, which is 11.23 percent of total national budget allocation for fiscal year 2020-21.
COVID-19: Tk 10,000 cr proposed to meet emergencies
The government has proposed an amount of Tk 10,000 crore to meet emergency requirements caused by COVID-19 saying it will do whatever is needed to address the pandemic.
Govt sets 8.2 pc ambitious GDP growth target
Finance Minister AHM Mustafa Kamal on Thursday set an ambitious target of 8.2 percent GDP growth for the next fiscal with a comprehensive plan that includes four main strategies although he himself admitted that all calculations about the global economy have turned upside down under the impact of the COVID-19 global pandemic.
Additional 1pc export incentive to continue for RMG sector
Finance Minister AHM Mustafa Kamal has proposed to continue with the additional export incentive of 1 percent in the next fiscal year in addition to existing other incentives.
Budget 2020-21: Govt takes up comprehensive plan with 4 key strategies
Amid coronavirus crisis, the government has taken up a comprehensive plan with four main strategies discouraging luxury expenditures and prioritizing government spending that creates jobs.
Finance Minister places Tk 568,000 cr budget for 2020-21FY
Finance Minister AHM Mustafa Kamal has started presenting the national budget of Tk 568,000 crore for the 2020-21 fiscal in Parliament.
Cabinet approves proposed national budget for 2020-21 FY
The Cabinet at a special meeting on Thursday approved the proposed national budget for the fiscal year 2020-21.
Budget: TIB against allowing black money whitening
Transparency International Bangladesh (TIB) on Tuesday urged the government not to keep any provision of whitening of black money in the forthcoming national budget in the name of creating employment by attracting investment and boosting revenue generation.
The Bangladesh chapter of the Berlin-based organisation termed such scope in the budget "discriminatory and unconstitutional" and graft-supportive one.
The second budget session (8th session) of the 11th parliament will begin at 5 pm on Wednesday amid the COVID-19 pandemic in the country.
Finance Minister AHM Mustafa Kamal will place a Tk 556,978-crore proposed national budget for the 2020-21 fiscal year in the House giving an outline of recovering the economy from the negative impacts of COVID-19 pandemic in his budget speech.
The Finance Minister will also narrate various steps so far the government has already taken to face the adverse impact of the COVID-19 and save people’s lives and livelihoods.
Citing media reports, TIB condemned the government move to expand scope of whitening undisclosed money through buying flats, land as well as investing those in development projects and the stock market , said a press release.
“The forthcoming budget is not only giving the opportunity to whiten black money on a large scale but also it's going to remove the provision of Anti-Corruption Commission to question the source...it cannot be desired,” said TIB Executive Director Dr Iftekharuzzaman.
He noted that the country's economy never benefited from this facility in the past years neither it helped to collect significant revenue. “Rather it questioned the government's anti-corruption stance.”
The TIB Executive Director urged the government to refrain from taking such a move and termed it ‘discriminatory’ towards the honest citizens.
TIB demanded swift initiative to investigate huge foreign investments by multiple influential individuals and groups.
“I urge the government to take appropriate and effective accountability measures by exploring their sources of money instead of indulging them,” Dr Iftekharuzzaman said.
He highlighted the tragic exposure of the rela condition on the country’s health sector due to the COVID-19 situation. “Such a fragile situation in the health sector was not created in one day.”
"Years after years, inadequate funding in the health sector, lack of coherence in spending, and rampant corruption in the sector have led to such catastrophes," he said.
TIB put forward a set of recommendations for the forthcoming national budget which includes adequate allocations to the health sector, increasing employment, and social security for people who have recently fallen below the poverty line due to the pandemic.
They also demanded an effective anti-corruption roadmap by ensuring transparency and accountability in all types of procurement, distribution and expenditure in these sectors.
Parliament gets Tk 335.34 cr budget for 2020-21 FY
The Parliament Secretariat Commission on Monday approved a Tk 335.34 crore budget for Parliament to spend on its development and non-development expenditures for the next fiscal year (2020-21).