Budget document available on the web
The budget for the fiscal year 2024-25 is going to be presented on Thursday. This is the first budget of the government formed in the fourth consecutive term. This is also the first budget of Abul Hasan Mahmud Ali as Finance Minister. He will present the proposed budget at 3 pm on Thursday.
This information has been conveyed in a press release sent from the office of the Minister of the Ministry of Finance.
The Ministry of Finance said that in order to make the budget more participatory, all the information and important documents of the budget will be available on the website of the Finance Department and the website of the National Board of Revenue32. Any person or organization can read and download these documents. Apart from this, anyone from the country and abroad can give opinions and recommendations about the budget. Comments and suggestions can also be given through e-mail.
The post-budget press conference for the fiscal year 2024-25 will be held at the Osmani Smriti Auditorium in Dhaka on Friday, June 7, the day after the budget presentation.
Finance Minister Abul Hasan Mahmud Ali told the media about the new budget that the main goal of the next budget will be to keep the prices of daily commodities affordable. The target of revenue collection is about 5.5 lakh crore taka. Out of this, the government will aim to collect taxes of Tk 4 lakh 80 thousand crores through the National Board of Revenue (NBR). The rest will come from the non-board of revenue sector.
As per the target, the new budget will have a large deficit even if the revenue is collected. In terms of taka which is about 2 lakh 56 thousand crores. To meet the deficit, the government wants to take loans from domestic banks and foreign sectors. Of this, he wants to take 1 lakh 37 thousand 500 crores from the bank. 15 thousand 400 crores want to take loan from savings certificate. And the target of foreign debt has been fixed at 1 lakh 27 thousand 200 crores.
The government now has to borrow more than ever to finance the budget. As a result, the debt repayment pressure is increasing. In addition, the dollar crisis and the high value of the dollar have put more pressure on the government to repay the debt. For the next financial year, the interest payment target has been fixed at 1 lakh 13 thousand 500 crores.
The Finance Minister's budget speech is titled 'Commitment to Building a Happy, Prosperous, Advanced and Smart Bangladesh'. In other words, the finance minister is dreaming of building a smart Bangladesh despite various economic crises. And for that he wants to spend 2 lakh 65 thousand crores on building the country's infrastructure.
The government will reduce the target of growth of gross domestic product or GDP in the next budget. The target of GDP growth in the next financial year may be reduced from 7.5 percent in the current financial year to 6.75 percent.
