Economy
Cabinet Approves Proposed National Budget for FY 2024-25
In a special meeting held today, the cabinet approved the proposed national budget for the fiscal year 2024-25. Prime Minister Sheikh Hasina presided over the meeting, which took place in the cabinet room of the Jatiya Sangsad Bhaban.
Finance Minister AH Mahmood Ali, along with other cabinet ministers and state ministers, attended the session. Following the cabinet’s approval, the finance minister is set to present the proposed budget, amounting to Tk 797,000 crore, this afternoon. The presentation will occur after the President’s authentication.
The proposed budget includes a Tk 265,000 crore Annual Development Programme (ADP), which has already received approval from the National Economic Council (NEC). This ADP allocates the highest amount, Tk 70,687.75 crore (26.67% of the total ADP), to the transport and communication sector.
Additionally, the NEC approved a separate ADP for autonomous bodies and corporations, totaling Tk 13,288 crore. With this inclusion, the overall ADP for the fiscal year 2024-25 stands at Tk 278,288 crore.
The ADP comprises 1,321 projects, including 1,133 investment projects, 21 survey projects, 87 technical assistance projects, and 80 projects by autonomous bodies and corporations.
The Local Government Division is set to receive the highest allocation among all ministries and divisions, with a proposed budget of Tk 38,809 crore (15% of the total ADP).
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
