The Dhaka Times Desk The National Budget proposal for the upcoming financial year 2023-24 will be presented in the National Parliament today. Finance Minister AHM Mustafa Kamal will present a budget proposal of Tk 7 lakh 61 thousand 785 crore in the Jatiya Sangsad today at 3 pm.
Budgets are usually announced 'with election in mind' during election years. This year, the proposed budget for this financial year has been prepared keeping in mind the central bank's reserve, the dollar crisis throughout the year, high inflation, IMF loan conditions. In this year's proposed budget, high inflation control has been set as the main target. Finance Minister AHM Mustafa Kamal will present the budget proposal titled 'Progress of Smart Bangladesh after a decade and a half of development' in the National Parliament.
However, the Finance Minister is not able to give this year's budget as the government wants, regardless of whether the election is over and the election is in the air. He has to keep in mind the various conditions of International Monetary Organization - IMF. The IMF gives a total of 38 conditions for the implementation of 3 and a half years, of which almost half of the conditions have to be implemented within the next fiscal year. That is why the government should emphasize on collecting instead of giving to the people in the election year. Instead of relief, the discomfort of paying additional taxes is increasing. Finance Minister AHM Mustafa Kamal has formulated his fifth consecutive budget in the light of meeting that condition to solve the country's dollar crisis.
Citing sources from the Ministry of Finance, the media reported that the total size of the proposed budget for the next financial year 2023-24 has been set at 7 lakh 61 thousand 785 crores. In this budget, the size of government's development expenditure i.e. Annual Development Program (ADP) is fixed at Tk 2 lakh 63 thousand crores. Out of which 1 lakh 69 thousand crore taka (64.26 percent) will be in local currency and 94 thousand crore taka (35.74 percent) will be added as foreign project aid.
It is known that against this huge budget, the total revenue target for the next financial year has been set at 5 lakh crores. Out of which 4 lakh 30 thousand crores will come from the National Board of Revenue. Income from non-revenue (Non-NBR) sector will be Tk 20,000 crore and Non-Tax Receipt (NTR) will be Tk 50,000 crore. That is why the proposed budget deficit is 2 lakh 61 thousand 785 crores. The deficit as a share of GDP is 5.2 percent. This deficit will be met through loans from the banking system, foreign aid and grants, and sale of savings bonds.
On the other hand, high prices of goods in the international market and depreciating value of money also increase the cost of subsidies and interest payments. The allocation for subsidy in the budget has been increased to more than Tk 1 lakh 10 thousand crore and Tk 1 lakh 2 thousand crore is being kept for interest payment.
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# Follow the rules and use mask when going out for emergency.
# three-layer cloth mask can be washed if desired.
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