UNB, Dhaka :
Finance Minister AMA Muhith on Sunday said the government will try to introduce a pension system in the
non-government organised sector within the five-year tenure of the present government.
“We’re trying to introduce some kind of pension system this time in the non-government organised sector, but it’s yet to happen. Some are implementing it, but our target will be to introduce such a pension system in the non-government organised sector in our five-year period,” he said.
Muhith was addressing a pre-budget meeting with the representatives from different NGOs at his ministry’s conference room.
Bangladesh Bank Governor Dr Atiur Rahman, Finance Division Secretary Fazle Kabir, Bank and Financial Institution Division Secretary Dr M Aslam Alam, Economic Relations Division (ERD) Secretary Mohammad Mejbahuddin, were, among others, present at the meeting.
While giving some indications about the budget for the next fiscal year, the Finance Minister said the around Tk 2,50,000 lakh crore budget would eye to contain the deficit within five percent of the GDP although the deficit has never exceeded 4.6 percent of GDP.
He said, the actual figure would be worked out later based on the discussions with various ministries and stakeholders.
Apart from the already approved Revised ADP of Tk 60,000 crore for the current fiscal, Muhith hinted that the revised budget would be around Tk 11,000 crore less than the original outlay of Tk 2,22,491 crore in the current fiscal. He also hinted that the projection for inflation in FY 15 would be 6 percent,
down from the current fiscal’s 7 percent. Over the foreign aid situation, he said Bangladesh used to get foreign aid around 3 percent of GDP in terms of commitment. But, in terms of use, the disbursement remained at the same at 1.7 percent or 1.8 percent of GDP. “The pipeline is big, but we hope the disbursement will increase.”
The Finance Minister indicated that Human Resource development (HRD) would continue to get the highest priority but, in terms of allocation, the infrastructure sector will get the maximum.
He said, the allocation in the power and energy sector because of the already contracted works would remain pretty high, but will not be the highest that it was used at one time.
About the agriculture sector, he said there would be some changes in the strategy.
On the district budget, the Finance Minister said the districts will have budgets of their own at the end of the term of the present government.
“They (districts) will be provided with a kind of allocation from the central budget which they will prepare and spend, and this is our big target,” he added.
Noting that some 47 countries in the world are smaller in size from Bangladesh while there are also about 60 countries which are smaller to Bangladesh in terms of the population size, Muhith said the districts of Bangladesh could be treated as states and that would improve the implementation of projects largely by that kind of devolution of power.
About introducing pollution tax, he said, “We’ve been thinking about it, but there has been no progress to this end, although there are incidents of fine, but the pollution tax is yet to be designed.”
Finance Minister AMA Muhith on Sunday said the government will try to introduce a pension system in the
non-government organised sector within the five-year tenure of the present government.
“We’re trying to introduce some kind of pension system this time in the non-government organised sector, but it’s yet to happen. Some are implementing it, but our target will be to introduce such a pension system in the non-government organised sector in our five-year period,” he said.
Muhith was addressing a pre-budget meeting with the representatives from different NGOs at his ministry’s conference room.
Bangladesh Bank Governor Dr Atiur Rahman, Finance Division Secretary Fazle Kabir, Bank and Financial Institution Division Secretary Dr M Aslam Alam, Economic Relations Division (ERD) Secretary Mohammad Mejbahuddin, were, among others, present at the meeting.
While giving some indications about the budget for the next fiscal year, the Finance Minister said the around Tk 2,50,000 lakh crore budget would eye to contain the deficit within five percent of the GDP although the deficit has never exceeded 4.6 percent of GDP.
He said, the actual figure would be worked out later based on the discussions with various ministries and stakeholders.
Apart from the already approved Revised ADP of Tk 60,000 crore for the current fiscal, Muhith hinted that the revised budget would be around Tk 11,000 crore less than the original outlay of Tk 2,22,491 crore in the current fiscal. He also hinted that the projection for inflation in FY 15 would be 6 percent,
down from the current fiscal’s 7 percent. Over the foreign aid situation, he said Bangladesh used to get foreign aid around 3 percent of GDP in terms of commitment. But, in terms of use, the disbursement remained at the same at 1.7 percent or 1.8 percent of GDP. “The pipeline is big, but we hope the disbursement will increase.”
The Finance Minister indicated that Human Resource development (HRD) would continue to get the highest priority but, in terms of allocation, the infrastructure sector will get the maximum.
He said, the allocation in the power and energy sector because of the already contracted works would remain pretty high, but will not be the highest that it was used at one time.
About the agriculture sector, he said there would be some changes in the strategy.
On the district budget, the Finance Minister said the districts will have budgets of their own at the end of the term of the present government.
“They (districts) will be provided with a kind of allocation from the central budget which they will prepare and spend, and this is our big target,” he added.
Noting that some 47 countries in the world are smaller in size from Bangladesh while there are also about 60 countries which are smaller to Bangladesh in terms of the population size, Muhith said the districts of Bangladesh could be treated as states and that would improve the implementation of projects largely by that kind of devolution of power.
About introducing pollution tax, he said, “We’ve been thinking about it, but there has been no progress to this end, although there are incidents of fine, but the pollution tax is yet to be designed.”
