budget

Finance Minister presents Tk 5.23 trillion-plus budget for 2019-20

MNA National Desk: Finance minister AHM Mustafa Kamal has placed a budget of over Tk 5.23 trillion (Tk 5,23,190 crore), which is 18.1 per cent of GDP, for fiscal year 2019-20 in parliament.

He placed the budget, up by Tk 590 billion from the revised one of the outgoing fiscal, at 3:00pm on Thursday.

Of the budget, Tk 3.78 trillion (Tk 3,77,810 crore) is expected to come from the National Revenue Board (NBR), non-NBR and non-tax revenue.

The target for gross domestic product (GDP) growth has been set at 8.2 per cent, and the average inflation target at 5.5 per cent for the next financial year, according to the budget document.

The overall budget deficit is estimated to be over Tk 1.45 trillion (Tk 1,45,380 crore), which is 5.0 per cent of GDP, the same ratio of last year.

In financing the deficit, Tk 680.16 billion will come from external sources and Tk 773.63 billion from domestic sources.

Total allocation for operating and other expenditures is Tk 3.2 trillion (Tk. 3,20,469 crore), and allocation for the annual development programme is Tk 2.02 trillion (2,02,721 crore).

The budget, which is the country’s 48th since its independence, and the 11th in a row by the ruling Awami League government, aims to give an over-Tk-28-trillion boost to the economy.

As usual, the budget expands at around 18 per cent on an average a year and it holds no exception this year too.

Economists see this budget as crucial for the country now facing pressures both on internal and external fronts.

Like the previous years, the budget document is now available on the website of the finance division — www.mof.gov.bd.

Mr Kamal, the auditor-turned finance minister, will speak at a post-budget press conference at Bangabandhu International Conference Centre at Agargaon in Dhaka city at 3:00 pm on Friday.

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