It is expected that the upcoming national budget will address the economic well-being of the poor.
The interim government is planning to revise the national budget for the current fiscal year urgently and cut “wasteful expenditures” in order to alleviate the pressure on the foreign currency reserves and tame persistent inflation.
Lack of proper government actions is costing citizens dearly
It will not reduce capital flight, only encourage malfeasance
The parliament today passed the Tk 7,97,000 crore national budget for the 2024-25 fiscal year with the aim of achieving 6.75 percent GDP growth rate and keeping annual inflation at around six percent
The government has moved away from its decision to raise the highest income tax rate to 30 percent and end tax holidays for investors in economic zones and hi-tech parks.
It is important to recognise that trade has been the handmaiden of Bangladesh’s development.
The share of the total allocation for spending directly on poverty reduction has come down for the upcoming fiscal year despite persistently higher inflation, deepening the uncertainties of the poor.
Despite widespread condemnation from economists, watchdogs, businesspeople and even multiple lawmakers, the government is expected to retain the amnesty allowing individuals and businesses to whiten black money without scrutiny by paying a 15 percent tax in the upcoming fiscal year.
Economists say allocation for the agriculture sector in the new budget is inadequate, and it will not only hurt farmers but may also affect food production.
Finance Minister Abul Hassan Mahmood Ali yesterday expressed hope that the government would be able to curb high inflation on the back of budgetary measures and the central bank’s steps.
The proposed national budget for fiscal 2024-25 lacks concrete measures for addressing the current economic concerns, such as runaway inflation and depleting foreign exchange reserves, the Centre for Policy Dialogue (CPD) said yesterday.
Prime Minister Sheikh Hasina today supported the budgetary provision for legalising black money saying that it should be brought to the legal network first
Budget day is turning into our very own Groundhog Day.
The FY 2024-25 budget falls short of assessing the depth of the economically challenging time.
Budget at a glance
Under the FY24-25 social safety net programme of Bangladesh, the pension for retired government employees and savings scheme interest payments account for nearly the same allocation as social assistance for the poor, the old and the disaster-struck.
Default loans in the banking sector of Bangladesh hit an all-time high of Tk 182,295 crore, but no reform programme to reduce it has been announced in the budget for the upcoming fiscal year.
In yet another blow to stock market investors, the government plans to impose a capital gains tax on them from next fiscal year.
