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Finance Minister to Present National Budget of Tk 7.61 Lakh Crore in Parliament Today

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Finance Minister AHM Mustafa Kamal is preparing to present the largest-ever national budget of Tk7.61 lakh crore for the fiscal year 2023-24. This will be the fifth consecutive budget presented by the finance minister and the final one for the current Awami League government.

The budget aims to drive the country’s economic growth in line with Bangladesh’s graduation from the Least Developed Country (LDC) status and fulfill the conditions set by the International Monetary Fund (IMF) for a $4.7 billion loan.

While the government has attempted to strike a balance between revenue collection, public expenditure, and austerity measures, experts and budget officials predict an increase in the government’s reliance on foreign loans due to a revenue shortfall. The finance ministry projects a revenue collection target of Tk5 lakh crore, with a deficit of Tk2.61 lakh crore for FY24. Of this, Tk1.02 lakh crore will be borrowed from external sources, and Tk1.55 crore will be sourced domestically.

The finance minister expects to obtain Tk1.32 lakh crore from the banking system, Tk18,000 crore from savings certificates, and Tk23,000 crore from non-bank sources. The government’s operating expenditure is anticipated to be set at Tk4.75 lakh crore, with a total development cost of Tk2.77 lakh crore.

Economists and analysts have cautioned that the next fiscal year’s budget may face exceptional challenges due to the ongoing Russia-Ukraine conflict and its adverse impact on the global economy, which also affects the domestic economy.

The finance minister has allocated Tk2.77 lakh crore for development spending in the upcoming fiscal year. Domestic interest payments will amount to Tk82,000 crore, while interest on foreign loans will reach Tk12,376 crore. Capital expenditure is expected to be Tk39,000 crore, with Tk502 crore allocated for the food sector and Tk8,402 crore designated for loans and advances.

For the financing of the annual development program (ADP), the 2023-24 budget has allocated Tk2.63 lakh crore, along with Tk7,986 crore for non-ADP special projects, Tk2,828 crore for non-ADP food-for-works recipes and transfers, and Tk3,768 crore for schemes not included in the ADP but financed from own source revenue.

In terms of revenue generation, the government aims to generate Tk5 lakh crore, with Tk4.5 lakh crore coming from tax revenue and Tk50,000 crore from non-tax revenue. The National Board of Revenue (NBR) has been tasked with collecting Tk4.3 lakh crore, while non-NBR taxes are targeted at Tk20,000 crore. The government estimates that Tk3,900 crore will be received as foreign grants.

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Settle disputes through dialogue, say ‘no’ to wars: PM Hasina at UNESCAP meet

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Prime Minister Sheikh Hasina today (25 April) called for speaking out against all forms of aggression and atrocities, and say ‘no’ to wars.

“We must speak out against all forms of aggression and atrocities, and say ‘no’ to wars,” she said adding that Bangladesh supports the UN Secretary General’s ‘New Agenda for Peace.

The prime minister was addressing the 80th Session of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) held at the ESCAP Hall (2nd floor), United Nations Conference Center (UNCC) here.

She arrived in Bangkok on Wednesday on a six-day official visit to Thailand.

The PM said the pre-condition for sustainable development is lasting peace and security.

“We must settle regional disputes and tension through dialogue. Our mutual respect for national sovereignty and territorial integrity must remain paramount,” she said.

Hasina called upon the Asia-Pacific region, especially ASEAN, to redouble their efforts to end Rohingya crisis as all efforts at regional connectivity, integration, and prosperity will continue to be marked by a missing puzzle without it.

“The origin of their crisis has been in Myanmar, and its solution also lies in Myanmar,” she declared.

“As long as that solution remains out of reach, all our efforts at regional connectivity, integration, and prosperity will continue to be marked by a missing puzzle. Let us redouble our efforts to put that puzzle back in place,” she said.

She said that in August 2017, when thousands of Rohingya men, women, and children from Myanmar fled to Bangladesh, Bangladesh offered them temporary shelter.

“With an ever growing population, this has now become one of the largest humanitarian situations in the world,” she said.

Sheikh Hasina said that In the backdrop of ongoing armed conflicts in Myanmar, the Rohingya repatriation process is also getting delayed.

“This is creating serious security risks within and beyond our territories,” she said.

She called upon the Asia-Pacific region, especially ASEAN, to play a proactive role in resolving the volatile situation in Myanmar.

“We must ensure that the Rohingya can go back home in safety and dignity at the earliest possible,” she said.

The prime minister said that the Asia-Pacific region must stand united against its common enemies of poverty and hunger.

She said Bangladesh has reduced poverty from 41.51 percent to 18.7 percent between 2006 and 2022.

It also reduced extreme poverty from 25.1 to 5.6 percent during the same period.

“We remain confident about eradicating extreme poverty by 2030,” she said.

She mentioned that Bangladesh has made notable progress on food security, with focused interventions on maternal and child nutrition.

“Our current priority is to address inequalities through income distribution, asset ownership, and social protection,” she said.

The prime minister said that Asia-Pacific region must put up a united front in tackling the climate crisis, biodiversity loss, and transboundary pollution.

“We need to push for ambitious climate financing goals beyond 2025 at COP-29. We need to cooperate on cross-border water management and air quality improvement. We must all prepare for growing extreme weather events,” she said.

In this connection, she suggested looking into Bangladesh’s experience in disaster risk reduction.

“We appreciate UN-ESCAP’s support in improving our early warning capabilities,” she added.

Briefly describing various development programmes and achievements of her govebrment, the prime minister said that much of the development gains are affected by climate impacts.

“As a low-lying delta, Bangladesh has no option but to invest heavily in climate resilience,” she said.

She mentioned that Bangladesh is already recognised as a global leader in climate adaptation.

“We are happy to share our traditional and innovative solutions with other vulnerable countries,” she said.

She said that Bangladesh has urged developed and emerging economies in the region to raise their time-bound emission reduction targets.

“For economies in transition, it is important to have a just energy transition.”

In Bangladesh, she said, “we are working on long-term energy security with a sound mix of clean and renewable energy.”

“We shall continue to do our part in pursuing a circular and low-carbon economic growth pathway.”

She underscored the need for increased and easy access to financing and technology from both the public and private sectors.

“I invite UN-ESCAP to help build the capacity of climate-vulnerable countries to mobilise adequate international climate financing.”

PM Hasina said that Bangladesh now provides critical links to the Trans-Asian Highway and Railway networks.

“Our physical and digital infrastructures are being developed to foster regional trade and connectivity.”

She said Bangladesh offers access to the Bay of Bengal for land-locked territories in its neighbourhood.

“We stand ready to work together with all regional partners through mutual understanding and cooperation,” said the prime minister.

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Bangladesh-Qatar Strengthen Ties with 10 Cooperation Deals

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Bangladesh and Qatar signed 10 cooperation documents on Tuesday, including five agreements and five MoUs, aimed at strengthening ties and elevating relations to new heights.

Prime Minister Sheikh Hasina and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani witnessed the signing of the documents.

The five agreements cover cooperation in the legal field, promotion and protection of mutual investments, avoidance of double taxation, maritime transport, and the establishment of a Joint Business Council (JBC) between FBCCI & QCCI.

The five MoUs include cooperation in sports and youth, manpower employment (Labour), diplomatic training, education, higher education, scientific research, and between Qatar Ports management Company “MAWANI QATAR” and Chittagong Ports Authority.

Earlier in the morning, PM Hasina warmly welcomed and received Emir Sheikh Tamim at her office.

They had a tête-à-tête meeting at the Prime Minister’s Office, followed by a bilateral meeting.

After signing the visitors’ book, the emir headed for Bangabhaban where the president received him.

A high-level Qatari delegation led by Qatar’s emir is on a state visit to Bangladesh at the invitation of the president and the prime minister.

During the ceremony, a road and a park in Dhaka were named after Emir of Qatar Sheikh Tamim Bin Hamad Al Thani.

The park, constructed in Kalshi area of Mirpur under Dhaka North City Corporation, and the road from Mirpur ECB point to Kalsi Fly Over were named after Emir of Qatar.

Now, the road and park are known as Sheikh Tamim Bin Hamad Al Thani Avenue and Sheikh Tamim Bin Hamad Al Thani Park.

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FBCCI Pushes for SME Participation in Global Trade Fairs

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The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) is urging for greater involvement of marginal, small, and medium enterprises in international trade fairs. This initiative aims to spotlight Bangladesh’s promising products on the global market.

FBCCI President Mahbubul Alam made the call during the first meeting of the organisation’s Standing Committee on National and International Trade Fairs and Foreign Delegations. He emphasised the need to provide marginal, small, and medium enterprises with the space and resources to effectively display their products at these events.

“The participation of marginal, small, and medium enterprises is crucial at both national and international levels,” Mahbubul Alam said. “This will allow us to export Bangladesh’s promising products and open new markets.”

The FBCCI president informed that his organisation is actively discussing and collaborating with the government to make this a reality. He also proposed organising roadshows in neighbouring countries and Europe to revive the country’s handicraft industry and increase export opportunities for these products.

Standing Committee Chairman Nuruzzaman echoed Mahbubul Alam’s sentiments, highlighting Bangladesh’s vast potential and young population. “We need to move beyond the garment sector and focus on product diversification and market creation,” Nuruzzaman said.

Achieving this, he acknowledged, will require close collaboration with the Export Promotion Bureau, Ministry of Foreign Affairs, and Bangladesh Investment Development Authority.

FBCCI Senior Vice President Md Amin Helaly pledged the organisation’s support in facilitating increased exports through participation in foreign trade fairs. He stressed, however, the importance of raising awareness among Bangladeshis about the country’s diverse and promising products.

The meeting concluded with an open discussion where participants expressed keen interest in organising and participating in various sectoral fairs, both domestically and internationally, under the FBCCI’s umbrella.

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