Finance Minister AHM Mustafa Kamal has started presenting the budget for the next financial year (2023-24). He started the budget speech today at 3:20 pm on Thursday.
Jatiya Sangsad Speaker Shirin Sharmin Chowdhury presided over the budget session. Before this, the Cabinet meeting was held in the National Assembly. It was there that the proposed budget was approved. Prime Minister Sheikh Hasina presided over the Cabinet meeting.
This is the fifth budget of Finance Minister AHM Mustafa Kamal. This year's budget size will be 7 lakh 60 thousand crores. The Finance Minister will give a budget speech on the topic of 'Towards Smart Bangladesh after the long journey of development'. He will highlight about making smart citizens, smart economy, smart government and smart society.
In this year's budget, the target of revenue collection has been set at five lakh crore taka. Out of this, NBR's target is Tk 4 lakh 30 thousand crores. The deficit is more than two and a half lakh crore rupees. The gross domestic product (GDP) growth target is 7.5 percent and the annual rate of inflation is 6.5 percent.
One of the most discussed issues in this year's budget is the fulfillment of the conditions of the International Monetary Fund (IMF). When Bangladesh applied for a loan from the IMF last year to deal with the macroeconomic crisis, they approved a loan of 4.7 billion dollars earlier this year.
But the IMF has given a total of 38 conditions over three and a half years, less than half of which have to be implemented by the next fiscal year.
Among them, Bangladesh Bank is responsible for creating a corridor-method in the field of interest, formulating a proper calculation method for reserves, keeping a single rate of currency exchange rate and fulfilling some conditions.
Some of these implementations will be announced during the monetary policy announcement in June, some in July. Notable among the demands of the IMF are the increase in revenue and the maintenance of necessary foreign exchange reserves.
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