Kazi Zahidul Hasan :
Preparations are now underway to present another mega budget under the ruling Awami League government, giving a major thrust on rural Bangladesh and poverty alleviation.
The next budget will also focus on employment generation and achieving higher, sustainable and inclusive economic growth, officials said.
The budget will likely to cross Tk 5 trillion-plus mark in the fiscal year 2019-20, up by 11 per cent from that of the current budget which is due to be placed before parliament on June 13, according to Finance Ministry.
The size of the budget has been fixed at a recent meeting of the economic coordination council.
The government is likely to set the GDP growth target at 8.2 per cent and revenue collection target at Tk 3.60 trillion.
The size of the current fiscal’s (2018-19) budget is Tk 4.42 trillion. “Work to prepare the budget for the upcoming fiscal year is now going on in full swing,” a Finance Ministry official told The New Nation on Friday.
He said extensive consultations with all stakeholders, including the business community, traders, chambers of commerce and industries are on to have valuable and constructive suggestions before finalization of the budget.
“The new budget will give special focus on the rural Bangladesh as well as to improve the life style of people in rural areas. Allocation will be made for schemes in rural areas to bring the people out of the poverty and stimulate rural economy,” said the Finance Ministry official.
The ruling Awami League in its election manifesto said that villages would be turned into towns as part of its plan to upgrade the country to a developed one by 2041.
The Finance Ministry official said that the government has undertaken a mega project “My Village, My Town” in a bid to provide every village with urban facilities. A big sum of money will be allocated in the next budget under the project.
Under the project, the government is planning to develop rural road connectivity and provide Internet connection to all the villages across the country.’
Programmes are likely to be chalked out to bring the farmers under crop insurance and provide jobs for every rural household. “The next budget will be formulated in line with the country’s sustainable development (SDG) and the implementation of the government’s ‘Vision 2021,’ a planning ministry official told The New Nation.
The ministry has already suggested the budgetary allocation to all the ministries based by analysing the available resources and programmes and planning received from all ministries and other government bodies and spending capacities of the ministries. “In the new budget, allocation would not be made for new mega project. We will allocate necessary funds to the existing mega projects so that their implement could not be slowed down due to fund shortage. Those projects will make the economy vibrant,” he added.
When asked, he said that the well-being of the general public will be set top priority of the government in the upcoming budget and budgetary measures would focus on employment generation and achieving higher economic growth.
