Business Desk :
The national budget for 2020-21 fiscal year, which is likely to be around Tk 565,000 crore, is going to give priority to reviving the economy with the rehabilitation of low-income people, the worst sufferers of COVID-19 havoc, according to official sources.
The new budget is also expected to take the challenge of mobilising revenue collection to give the stagnant economy a boost without imposing tax burden on the common people, the officials said.
If everything goes well, Finance Minister AHM Mustafa Kamal will place his budget proposal for the next fiscal year on June 11 in Parliament, , reports UNB.
According to sources at the Finance Ministry and the National Board of Revenue (NBR), agriculture and health sectors are likely to get the highest priority in the upcoming budget.
In the grip of a shutdown, they said, the country is going through its most critical time as the coronavirus ripped through everything, bringing the national economy to a grinding halt.
The projected GDP growth is surely going to take a jolt as some international organisations apprehend that it would not be more than three percent while the government is saying it will be more or less six per cent.
“The Finance Minister at a budget meeting with the Prime Minister on May 5 placed his draft budget proposal stating the growth for the next fiscal as 8.2 per cent,” a senior official at the Finance Ministry said.
At the meeting, the Finance Minister projected that there would be a ray of hope for Bangladesh after the COVID-19 shock as the world might get a ‘new economic order’.
The next budget will, however, be Tk 640 billion (Tk 64,000 crore) higher than the outgoing fiscal’s budget.
“Early this year, the Finance Division decided to place a Tk 6.05 trillion (Tk 605,000 crore) budget, but it reduced the size due to the COVID-19 onslaught,” the Finance Division official said.
Meanwhile, experts’ opinions and suggestions on the budget have been sought which have to be there by May 12 through online due to the ongoing general holidays. Once those opinions and suggestions are in hand, the proposed budget will be finalised and placed before the Prime Minister for approval.
The national budget for 2020-21 fiscal year, which is likely to be around Tk 565,000 crore, is going to give priority to reviving the economy with the rehabilitation of low-income people, the worst sufferers of COVID-19 havoc, according to official sources.
The new budget is also expected to take the challenge of mobilising revenue collection to give the stagnant economy a boost without imposing tax burden on the common people, the officials said.
If everything goes well, Finance Minister AHM Mustafa Kamal will place his budget proposal for the next fiscal year on June 11 in Parliament, , reports UNB.
According to sources at the Finance Ministry and the National Board of Revenue (NBR), agriculture and health sectors are likely to get the highest priority in the upcoming budget.
In the grip of a shutdown, they said, the country is going through its most critical time as the coronavirus ripped through everything, bringing the national economy to a grinding halt.
The projected GDP growth is surely going to take a jolt as some international organisations apprehend that it would not be more than three percent while the government is saying it will be more or less six per cent.
“The Finance Minister at a budget meeting with the Prime Minister on May 5 placed his draft budget proposal stating the growth for the next fiscal as 8.2 per cent,” a senior official at the Finance Ministry said.
At the meeting, the Finance Minister projected that there would be a ray of hope for Bangladesh after the COVID-19 shock as the world might get a ‘new economic order’.
The next budget will, however, be Tk 640 billion (Tk 64,000 crore) higher than the outgoing fiscal’s budget.
“Early this year, the Finance Division decided to place a Tk 6.05 trillion (Tk 605,000 crore) budget, but it reduced the size due to the COVID-19 onslaught,” the Finance Division official said.
Meanwhile, experts’ opinions and suggestions on the budget have been sought which have to be there by May 12 through online due to the ongoing general holidays. Once those opinions and suggestions are in hand, the proposed budget will be finalised and placed before the Prime Minister for approval.
