The parliament passed the Tk 7,61,785 crore national budget for FY 2023-24 -- with the goal of achieving 7.5 percent GDP growth rate and keeping annual inflation at around 6 percent. Finance Minister AHM Mustafa Kamal moved the Appropriations Bill 2023, seeking a budgetary allocation of Tk 11,10,840 crore which was passed by voice votes. READ: Budget will help to build Smart Bangladesh: Speakers Earlier today, the parliament passed the Finance Bill 2023 with some changes. Following the proposal mooted in the House by the Finance Ministry for the parliamentary approval of the appropriation of funds for meeting necessary development and non-development expenditures of the government, the ministers concerned placed justifications for the expenditure by their respective ministries through 59 demands for grants. READ: Proposed budget for FY 2023-24 fails to address macroeconomic challenges, says CPD Earlier, the parliament rejected, by voice votes, a total of only 503 cut-motions that stood in the name of opposition members on 59 demands for grants for different ministries. A total of 10 MPs, including from Jatiya Party and Gono Forum, submitted their cut-motions on the budget. They are: Kazi Firoze Rashid, Rustam Ali Farazi, Mujibul Huq, Fakhrul Imam, Pir Fazlur Rahman, Shamim Haider Patwari, Begum Rawshan Ara Mannan, Hafiz Uddin Ahmed, Mokabbir Khan, and Rezaul Karim Bablu. READ: It’s anti-people designed to plunder national wealth: BNP on National Budget for FY24 They were, however, allowed to participate in the discussion on Commerce Ministry and Health Services Division. Later, Speaker Dr Shirin Sharmin Chaudhury quickened the process of passing the demands for grants for different ministries without giving a lunch break. Opposition and independent MPs were present in the House when the Appropriation Bill was passed, and they did not raise objection to passing the bill. READ: Supplementary budget for outgoing fiscal passed in JS Finance Minister AHM Mustafa Kamal on June 1 placed a Tk 7,61,785 crore budget for Bangladesh for FY 2023–24, which is 15.2 percent of the GDP, with a philosophy of ensuring a hunger- and poverty-free, knowledge-based, and 'Smart Bangladesh' by 2041. 7.5% GDP growth rate with an expectation of keeping annual inflation at around 6% The allocation for operating and other sectors is Tk 4,36,247 crore, while Tk 2,63,000 crore will go to the Annual Development Programme. The total revenue is estimated at Tk 5 lakh crore. Out of this, Tk 4,30,000 crore will be collected by the National Board of Revenue and Tk 70,000 crore from other sources. Read more: Unrealistic budget won’t help overcome economic crisis: Fakhrul The overall deficit in the proposed budget for FY 2023-24 will stand at Tk 2,61,785 crore, which is 5.2 percent of GDP. Out of the total deficit, Tk 1,55,395 crore will be financed from domestic sources and Tk 1,02,490 crore from external sources.
BNP Secretary General Mirza Fakhrul Islam Alamgir on Friday (June 2, 2023) termed the proposed national budget of Bangladesh for the next fiscal year (2023-24) unrealistic and said it will not help overcome a dire economic crisis the country is facing now. “The government is saying an excellent budget has been placed which would bring about change. Our controlled media are saying the budget can’t bring any relief to people. They (govt) have completely failed to place a budget that can help get out of terrible economic crisis amid the growing price hikes in essentials,” he said. Speaking at a discussion, the BNP leader said it is a vague budget where there is no clear indication of how and from where the money will come and how the growth will be achieved. “That is why economists are saying the budget is devoid of reality.” Bangladesh Sammilito Peshajibi Parishad, a body of pro-BNP professionals, arranged the programme at the Jatiya Press Club, marking the 42nd death anniversary of BNP founder Ziaur Rahman. Read more: Budget not based on IMF conditions: Finance Minister Earlier on Thursday, Finance Minister AHM Mustafa Kamal presented a Tk7,61,785 crore proposed national budget for the 2023–24 fiscal year in the national parliament with 7.5 percent GDP growth. Fakhrul said the government has widened the tax net to exploit the common people. “Even if you want to beg, you have to have a TIN number now...those who are exempted from income tax will also have to pay income tax of Tk2000.” He said the government is taking mega projects for plundering by cutting the pockets of the common people. The BNP leader said ordinary people are suffering seriously as they cannot afford daily necessities due to abnormal price hikes. Read more: CPD dismisses budget's projections on growth, inflation, revenue collection He said the prices of rice, pulses, oil, salt, onion and ginger have already gone beyond the buying capacity of common people. The BNP leader said the current government can no longer be kept in power as it is ruining the future of the nation every day and every moment. “It (govt) is also destroying our potential and dignity. That's why we all need to be united.” Fakhrul said their party wants a free, fair and neutral election under a non-party caretaker government to restore people’s voting rights and democracy. “From past experiences, we can say the election will never be fair under Awami League without a neutral caretaker government, “he said. Read more: Budget 2023-24: Govt allocates Tk88,162 crore in education sector, up 8.2% The BNP leader urged the government to quit power with dignity before time runs out fast. “Enough is enough, please now go away without hurting the people, Resign by handing over power to a caretaker government. Otherwise, the country’s people know very well how to unset you,” he said pointing at the government of Bangladesh.
The proposed budget of Bangladesh in the fiscal year 2023-24 has set an estimated Gross Domestic Product (GPD) worth of 50.06 lakh crore with a 7.5 percent annual growth. The inflation target was set to 6 percent which is now 9.28 percent in the proposed budget. The 7.5 percent growth projection could be deemed as ambitious given the uncertainties in the global economy and various other challenges at home. Finance Minister AHM Mustafa Kamal explained his position on why he is expecting higher growth this time despite the economic pressures. Read more: Finance Minister unveils Tk 761,785 crore national budget “We expect to return to a higher growth trajectory and achieve a 7.5 percent GDP growth, by way of investing in the productive sectors and stimulating productivity and domestic demand,” he said. Kamal focused on investment in the 100 special economic zones and completing ongoing mega-projects to achieve the GDP target. In FY19, Bangladesh achieved a record 8.15 percent GDP growth. Then came the pandemic. The finance minister set a growth target of 8.2 percent in FY20, but the actual growth achieved was 3.45 percent, the lowest in several decades. The growth rate increased to 6.94 percent in FY21 after recovering from pandemic effects. The GDP growth further increased to 7.1 percent in FY22. Read more: Budget FY23-24: Focus should be on tackling macroeconomic challenges, says Dr Atiur Rahman
The Parliament Secretariat Commission on Tuesday (May 30, 2023) approved a Tk337.60 crore budget for Bangladesh Parliament to spend on its development and non-development activities for 2023-24 fiscal year. The approval was given at the 34th meeting of the Commission held at the Jatiya Sangsad Bhaban with Speaker Shirin Sharmin Chaudhury in the chair. Read more: No new pay scale, govt employees to get 20% dearness allowance in new budget The budget for the next fiscal year is 9.55 percent higher than the main revised budget of the current financial year, which was Tk 308.18 crore. The meeting also projected Tk 361.23 crore for 2024-25 fiscal year while Tk 386.52 crore for 2025-26 fiscal year. Prime Minister and Leader of the House Sheikh Hasina, Finance Minister AHM Mustafa Kamal, Opposition Leader Raushon Ershad, Law, Justice, Parliamentary Affairs Minister Anisul Huq and Chief Whip Noor-e-Alam Chowdhury attended the meeting on special invitation. Read more: Budget FY23-24: Focus should be on tackling macroeconomic challenges, says Dr Atiur Rahman Parliament Secretariat's Secretary KM Abdus Salam placed the agenda of the meeting.
Bangladesh Government employees who are expecting a new pay scale in the upcoming budget of fiscal year 2023-24, have to be satisfied with a maximum 20 percent dearness allowance (DA). Highest importance has been given to the stability of the macro economy of the country in the next budget. The prime minister will finalize the budget proposal in a meeting to be held in the second week of May, finance ministry sources said. The ministry, as per the direction of the prime minister, has set a total budget of Tk 759,955 crore for FY 2023-24. Highest allocations have been kept for interest payment and subsidy expenditure. A proposal for a special allowance has been prepared, taking into account the price hike of essentials due to the ongoing inflation, sources said. Read More: Next budget will make businesses and common people happy: Finance Minister Officials directly involved in budget formulation have confirmed that there will be no new pay scale. The upcoming election year budget is the last budget of the current government. In the new budget, there is no allocation for the nationalization of schools and colleges or the inclusion of MPOs, said officials of the finance department. Officials of the finance ministry said that government employees had been expecting a new pay scale in the upcoming budget for a long time, but the prime minister rejected it. In the current fiscal year 2022-23, the government has reduced expenditure in various sectors. Over Tk 1,000 crore has been saved from salaries and allowances (foreign travel) of government employees. Read More: BGMEA donates part of money budgeted for iftar programme to old-age home The total allocation for salaries and allowances in the revised budget for the financial year 2022-23 was Tk 73,173 crore. However, the finance department has estimated an allocation of Tk 77,000 crore for salaries and allowances in the upcoming fiscal year. The government usually announces new pay scale every five years. After implementing the seventh pay scale in 2009, the government implemented a new pay scale in 2015 by increasing the salary by almost 100 percent. Since then, government employees are getting a 5 percent increment every year in July. Eight years have passed since then and different organizations of government employees are demanding a new pay scale, citing the price hike of goods, including food, due to the Ukraine-Russia war. According to official documents, in the new budget, subsidy expenses would take up Tk 100,134 crore. The total revenue collection target would be Tk 500,000 crore, which is 15 percent more than that of this fiscal year. Read more: CPD bats for special increment for inflation-hit public/private employees in next national budget Of the sum, the National Board of Revenue (NBR) has been tasked with fetching Tk 430,000 crore, which is 16.2 percent more than this year. Bangladesh's Annual Development Program (ADP) has been set at Tk 263,000 crore while expected GDP growth is 7.5 percent. The estimated inflation has been set at 6 percent that was 5.6 percent in the budget of 2022-23.
“We are most alive when we are in love,” according to John Updike. People around the world celebrate Valentine’s day on 14th February as a day of love. Valentine's Day is an ideal opportunity to demonstrate how much you care for your partner. However, due to the economic slowdown, post-pandemic effect, and many other reasons, many couples can't spend money to get their partner expensive gifts on this special day. Let's find out some ideas to celebrate Valentine's Day in affordable ways. Affordable Ways to Have a Special Valentine’s Day Set a Budget for the Day The first step towards saving significantly on Valentine's Day is establishing a budget. Consider what additional costs you have for the month, what bills need to be paid, and the amount of money you will have left over after paying your bills. Most importantly, after you've established a Valentine's Day budget, adhere to it! If you and your significant other have a financial strategy or objective, they will appreciate this action. Read More: 2023 Valentine’s Day Deals, Offers by Different Brands in Bangladesh Make DIY Cards and Gifts For many celebrants, Valentine's Day is about spending time and expressing affection and appreciation for a loved one. Certainly, extravagant presents are lovely, but most recipients will not anticipate them. They may even want a more personalized approach. Anyone may acquire diamonds, but not everyone has the ability to be inventive and produce something valuable. By creating your own Valentine's Day card, you may immediately save a significant amount of money. It just requires scissors, paper, and a customized, sincere message. Add a piece of handmade music, bake a delicious treat, or take it to the next level by creating jewelry from craft shop supplies. Plan a Home Dining Event If you truly want to save money on Valentine's Day, have the whole supper at home. Then you may splurge on appetizers, entrees, desserts, and beverages at half the price. Additionally, this creates a much more intimate and personal encounter. Read More: 10 Valentine's Day Gift Ideas for Wife Create a customized playlist of your favorite tunes and light some candles. In addition, your significant other will appreciate the additional effort you are doing to establish the atmosphere. They won't even suspect you're attempting to save money by dining at home.
The position of basic macroeconomic indexes including revenue collection, remittances, export growth, annual development programme (ADP) expenditure and money supply in the first quarter (July-September) of the running 2022-23 fiscal was satisfactory. This was stated by Finance Minister AHM Mustafa Kamal on Thursday in a report placed in the House on the progress of the implementation 2022-23 budget in the financial year’s first quarter. “Revenue collection was done as per the target, positive trend was seen in import and export income, and as a result I am hoping that we will be able to attain our desired target in the current budget,” he said. Read more: No new pay scale, dearness allowance for govt employees right now: Finance Minister He mentioned that the revenue collection registered 19.33 percent in the first quarter which was 18.72 percent in the last fiscal. The public expenditure was 11.14 percent against 11.90 percent in the same period of 2021-22 fiscal while implementation rate of ADP was 8.55 percent against 8.26 percent. The finance minister said that due to the increase of import expenditure there was deficit in the current account balance that reduced to USD 36.47 billion in the reserve on September 30, 2022 which was USD 46.22 billion in the same period of 2021. The growth in the remittances inflow was 4.89 percent against 19.44 percent in the previous 2021-22 fiscal. The export income growth rate was 13.38 percent against 11.37 percent during the same period of the last fiscal. “The positive trend of export trading growth will play as important variable in advancing our economy,” he said. He said that the import expenditure (C&F) increased 11.67 percent which was 47.56 percent in the same time of the last fiscal. He said that normalisation of economic activities after COVID-19 period and significant rise of import of intermediary and capital machineries led to a huge hike in import expenditure. Read more: Legal process underway to bring home laundered money: Finance Minister “But, currently avoidance of luxury items and exercise of austerity by the government caused a decrease in import expenditure,” he said. The LC opening during July-September tenure in 2022 was USD 18.58 billion which was 4.57 percent less than the same period of the previous fiscal. As per the report, annual average inflation was 5.50 percent in September 2021 while it increased 6.96 percent in September 2022. On the other hand, the point-to-point inflation in September 2021 was 5.59 percent, while it increased to 9.10 percent in 2022. Regarding the budget deficit Mustafa Kamal said that the estimated deficit is 5.51 percent of the GDP. For deficit financing 2.22 percent sill come from external sources while 3.29 percent would be mitigated from domestic sources. He said that to contain pressure from inflation, the central bank took the path of contractionary monetary policy. The minister said that thanks to timely steps from the government it was possible to contain the inflation forced by price hike of fuel oil price and food items due to the Russia-Ukraine War, and depreciation of Taka against US Dollar.
Sri Lanka's Parliament approved a budget Thursday that includes reforms aimed at improving the country's finances as it attempts to recover from its worst economic crisis. The 5.82 trillion rupee ($15 billion) budget includes a 43 billion rupee ($117 million) relief package for those affected by the crisis. The budget provides for a restructuring of state-owned enterprises, reduced subsidies for electricity, and tax increases to boost state revenue based on proposals by the International Monetary Fund under a preliminary $2.9 billion bailout plan. Read more: Bangladesh Bank asks banks to stop ACU transactions with Sri Lanka Unsustainable government debt, a severe balance of payments crisis and the impact of the COVID-19 pandemic led to a shortage of essentials such as fuel, medicine and food, and soaring prices have caused severe hardships for most Sri Lankans. Many have lost their jobs because businesses have become unsustainable. The government announced in April that it was suspending repayment of nearly $7 billion in foreign debt due this year. It has since entered a preliminary agreement with the IMF, which has agreed to provide $2.9 billion over four years depending on the willingness of Sri Lanka's creditors to restructure their loans. Sri Lanka's total foreign debt exceeds $51 billion, of which $28 billion has to be repaid by 2027. The economic meltdown triggered a political crisis in which thousands of protesters stormed the official residence of the president in July, forcing then-President Gotabaya Rajapaksa to flee the country and later resign. Read more: IMF agrees to provide crisis-hit Sri Lanka $2.9 billion President Ranil Wickremesinghe, who succeeded Rajapaksa, has somewhat reduced the shortages of fuel and cooking gas, but power outages continue, along with shortages of imported medicines.
The National Board of Revenue (NBR) has omitted the requirement of tax return documents for bank loans up to Tk 20 lakh. The revenue board issued a notification in this regard today with immediate effect, which will be continued till June 30, 2023. The budget for the fiscal year 2022-23 made it mandatory to show tax return documents to get services under 38 categories. Of them, tax return documents were made mandatory for bank loans of over Tk 5 lakh. Read: NBR dreams to cross revenue Tk3.0 lakh crore in FY 22 As per the revised directive, NBR has relaxed conditions, after requests from business organizations, as small entrepreneurs were facing difficulties in showing tax-related documents. Bangladesh Bank has increased the ceiling of loan disbursement to cottage, micro, small and medium entrepreneurs (CMSMEs). But loan distribution at the rural level became slow due to mandatory tax return documents for loans. Considering the situation, the revenue board omitted requirement of showing tax return document for loan of up to Tk 20 lakh if the borrower has no taxable income. Read: Income Tax Wing of NBR racing to meet target in last 4 months of fiscal
Planning Minister MA Mannan said on Friday that although the government has given an opportunity to the money launderers to bring back their smuggled money from abroad in the new fiscal’s budget, the entire matter is morally unacceptable. Mannan was speaking at a shadow parliament competition organized by Debate for Democracy at the FDC premises in Dhaka. Mannan said that it is impossible to bring back the total amount of money that has been laundered from Bangladesh over the years. That’s why the government will be able to bring back only a tiny amount of money at best in this process. “A section of people in the country have huge amounts of money lying idle in their hands. They are transferring this money to various countries other than Bangladesh. The countries that are receiving this money are giving these people opportunities to invest without checking the sources of this income,” said Mannan. Mannan added that it won’t be bad if some of this money comes back to Bangladesh. But the money launderers didn’t smuggle their money out to bring it back. Presiding over the function, Debate for Democracy President Hasan Ahmed Chowdhury Kiron said that the government has favored the money launderers through its provision of bringing back laundered money by paying a mere seven percent tax. Read: 'Dhaka to ensure safe water, hygiene & sanitation for all by 2030' “This fiscal year’s budget has been devised mostly for businessmen and those who embezzle money in various ways. This can send a signal to the people that those who create and unseat governments have been the primary beneficiary of the current budget,” said Kiron. Debaters from Noakhali Science and Technology University (NSTU) became champion of the competition by defeating Government Titumir College debaters. Development Specialist Dr SM Morshed and journalists Rizvi Newaz, Kaberi Maitra and Arifur Rahman were the judges of the competition.