Metropolis Report –
Bangladesh has proposed an ambitious budget of roughly Tk 7.61 trillion for the fiscal year 2023–2024, an increase in spending of 15% over the amended budget for the previous year.
To create a “Smart Bangladesh”, Finance Minister AHM Mustafa Kamal on Thursday proposed an expansionary budget to parliament.
The finance minister increased the revised budget’s tax collection target by 16 percent to Tk 4.30 trillion, which will be collected by the National Board of Revenue. This accounts for about 56.4 percent of the overall expense. The budget estimates that revenues will cover Tk 5.04 billion in expenses.
As a result, the government has a budget imbalance of 2.61 trillion Tk, which is a record and represents 5.2% of GDP.
Finance Minister Kamal plans to borrow Tk 1.32 trillion from Bangladesh’s banking sector in addition to Tk 1.02 trillion from foreign lenders and Tk 1.55 trillion from domestic lenders to cover the deficit.
With a budget allocation of Tk 2.78 trillion, which is a 15 percent increase from the last year, development once more took center stage. The Annual Development Program or ADP will receive Tk 2.63 trillion of this total.
Operating expenses for the government would total Tk 4.84 trillion, up 14.75 percent from the finalized budget for the previous fiscal year.
