Bangladesh budget for 2017-18 fiscal to top Tk 4 trillion: Finance minister

[Mage]

​

The size of the budget for 2017-18 fiscal year will cross the Tk 4 trillion mark, Finance Minister AMA Muhith has said.




He revealed the information after the first pre-budget discussion with four research organisations on Sunday.

"Our projection was Tk 4 trillion. But I want to take it to Tk 4.2 trillion," he said on being asked by a reporter.

He also said the budget for the 2018-19 fiscal year would be of Tk 5 trillion, but a 'simple' one.

Asked about the plan to implement the VAT law, Muhith said, "The businesses have objected to it. Discussions on the issue are under way."

The minister sat with Policy Research Institute (PRI), Economic Research Group (ERG), the Bangladesh Institute of Development Studies (BIDS) and Bangladesh Economic Association (BEA) in the first pre-budget discussion.

About the discussion, the finance minister said the organisations advised more specification and definitions, and more programmes to pay attention to the Sustainable Development Goals (SDGs).

BIDS Director General KAS Murshid, Senior Research Fellow Nazneen Ahmed, economist Wahid Uddin Mahmud, among others, were present.

Finance Secretary Hedayetullah Al Mamoon, former finance secretary Mahbub Ahmed, Bank and Financial Institutions Division Secretary Eunusur Rahman and National Board of Revenue Chairman Nojibur Rahman attend it as well.

http://bdnews24.com/economy/2017/02...-fiscal-to-top-tk-4-trillion-finance-minister

 

[Mage]

Last year's budget was about 3.4 Trillion BDT

Who placed budget Outlay

1972-73 Tajuddin Ahmed Tk 786 crore

1973-74 Tajuddin Ahmed Tk 995 crore

1974-75 Tajuddin Ahmed Tk 1,084.37 crore

1975-76 Dr Azizur Rahman Tk 1,549.19 crore

1976-77 Maj Gen Ziaur Rahman Tk 1,989.87 crore

1977-78 Lt. Gen. Ziaur Rahman Tk 2,184 crore

1978-79 President Ziaur Rahman Tk 2,499 crore

1979-80 Dr MN Huda Tk 3,317 crore

1980-81 M Saifur Rahman Tk 4,108 crore

1981-82 M Saifur Rahman Tk 4,677 crore

1982-83 AMA Muhith Tk 4,738 crore

1983-84 AMA Muhith Tk 5,896 crore

1984-85 M Sayeduzzaman Tk 6,699 crore

1985-86 M Sayeduzzaman Tk 7,138 crore

1986-87 M Sayeduzzaman Tk 8,504 crore

1987-88 M Sayeduzzaman Tk 8527 crore

1988-89 Maj Gen (rtd) Munim Tk 10,565 crore

1989-90 Dr Wahidul Haq Tk 12,703 crore

1990-91 Maj Gen (rtd) Munim Tk 12,960 crore

1991-92 M Saifur Rahman Tk 15,584 crore

1992-93 M Saifur Rahman Tk 17,607 crore

1993-94 M Saifur Rahman Tk 19,050 crore

1994-95 M Saifur Rahman Tk 20,948 crore

1995-96 M Saifur Rahman Tk 23,170 crore

1996-97 Shah AMS Kibria* Tk 24,603 crore

1997-98 Shah AMS Kibria Tk 27,786 crore

1998-99 Shah AMS Kibria Tk 29,537 crore

1999-00 Shah AMS Kibria Tk 34,252 crore

2000-01 Shah AMS Kibria Tk 38,524 crore

2001-02 Shah AMS Kibria Tk 42,306 crore

2002-03 M Saifur Rahman Tk 44,854 crore

2003-04 M Saifur Rahman Tk 51,980 crore

2004-05 M Saifur Rahman Tk 57,248 crore

2005-06 M Saifur Rahman Tk 61,058 crore

2006-07 M Saifur Rahman Tk 69,740 crore

2007-08 AB Mirza Azizul Islam Tk 87,137 crore

2008-09 AB Mirza Azizul Islam Tk 99,962 crore

2009-10 AMA Muhith Tk 113,815 crore

2010-11 AMA Muhith Tk 132,170 crore

2011-12 AMA Muhith Tk 165,000 crore
2012-13 AMA Muhith Tk 191,738 crore

2013-14 AMA Muhith Tk 222,491 crore

2014-15 AMA Muhith Tk 250,506 crore

2015-16 ……….. ………….


http://en.prothom-alo.com/bangladesh/news/68465/Chronology-of-budget-since-1972

 

[Homo Sapiens]

​

The size of the budget for 2017-18 fiscal year will cross the Tk 4 trillion mark, Finance Minister AMA Muhith has said.




He revealed the information after the first pre-budget discussion with four research organisations on Sunday.

"Our projection was Tk 4 trillion. But I want to take it to Tk 4.2 trillion," he said on being asked by a reporter.

He also said the budget for the 2018-19 fiscal year would be of Tk 5 trillion, but a 'simple' one.

Asked about the plan to implement the VAT law, Muhith said, "The businesses have objected to it. Discussions on the issue are under way."

The minister sat with Policy Research Institute (PRI), Economic Research Group (ERG), the Bangladesh Institute of Development Studies (BIDS) and Bangladesh Economic Association (BEA) in the first pre-budget discussion.

About the discussion, the finance minister said the organisations advised more specification and definitions, and more programmes to pay attention to the Sustainable Development Goals (SDGs).

BIDS Director General KAS Murshid, Senior Research Fellow Nazneen Ahmed, economist Wahid Uddin Mahmud, among others, were present.

Finance Secretary Hedayetullah Al Mamoon, former finance secretary Mahbub Ahmed, Bank and Financial Institutions Division Secretary Eunusur Rahman and National Board of Revenue Chairman Nojibur Rahman attend it as well.

http://bdnews24.com/economy/2017/02...-fiscal-to-top-tk-4-trillion-finance-minister

4.2 trillion Tk. equals to 53 billion US Dollar.So budget will increase 10 billion dollar in just one year.Not bad.

 

[Mage]

4.2 trillion Tk. equals to 53 billion US Dollar.So will increase 10 billion dollar in just one year.Not bad.

It's important that Taka doesn't lose value against USD. Then it's all fine.

Last year's budget was about 3.4 Trillion BDT

Who placed budget Outlay

1972-73 Tajuddin Ahmed Tk 786 crore

1973-74 Tajuddin Ahmed Tk 995 crore

1974-75 Tajuddin Ahmed Tk 1,084.37 crore

1975-76 Dr Azizur Rahman Tk 1,549.19 crore

1976-77 Maj Gen Ziaur Rahman Tk 1,989.87 crore

1977-78 Lt. Gen. Ziaur Rahman Tk 2,184 crore

1978-79 President Ziaur Rahman Tk 2,499 crore

1979-80 Dr MN Huda Tk 3,317 crore

1980-81 M Saifur Rahman Tk 4,108 crore

1981-82 M Saifur Rahman Tk 4,677 crore

1982-83 AMA Muhith Tk 4,738 crore

1983-84 AMA Muhith Tk 5,896 crore

1984-85 M Sayeduzzaman Tk 6,699 crore

1985-86 M Sayeduzzaman Tk 7,138 crore

1986-87 M Sayeduzzaman Tk 8,504 crore

1987-88 M Sayeduzzaman Tk 8527 crore

1988-89 Maj Gen (rtd) Munim Tk 10,565 crore

1989-90 Dr Wahidul Haq Tk 12,703 crore

1990-91 Maj Gen (rtd) Munim Tk 12,960 crore

1991-92 M Saifur Rahman Tk 15,584 crore

1992-93 M Saifur Rahman Tk 17,607 crore

1993-94 M Saifur Rahman Tk 19,050 crore

1994-95 M Saifur Rahman Tk 20,948 crore

1995-96 M Saifur Rahman Tk 23,170 crore

1996-97 Shah AMS Kibria* Tk 24,603 crore

1997-98 Shah AMS Kibria Tk 27,786 crore

1998-99 Shah AMS Kibria Tk 29,537 crore

1999-00 Shah AMS Kibria Tk 34,252 crore

2000-01 Shah AMS Kibria Tk 38,524 crore

2001-02 Shah AMS Kibria Tk 42,306 crore

2002-03 M Saifur Rahman Tk 44,854 crore

2003-04 M Saifur Rahman Tk 51,980 crore

2004-05 M Saifur Rahman Tk 57,248 crore

2005-06 M Saifur Rahman Tk 61,058 crore

2006-07 M Saifur Rahman Tk 69,740 crore

2007-08 AB Mirza Azizul Islam Tk 87,137 crore

2008-09 AB Mirza Azizul Islam Tk 99,962 crore

2009-10 AMA Muhith Tk 113,815 crore

2010-11 AMA Muhith Tk 132,170 crore

2011-12 AMA Muhith Tk 165,000 crore
2012-13 AMA Muhith Tk 191,738 crore

2013-14 AMA Muhith Tk 222,491 crore

2014-15 AMA Muhith Tk 250,506 crore

2015-16 ……….. ………….


http://en.prothom-alo.com/bangladesh/news/68465/Chronology-of-budget-since-1972

Why Maj Gen/lieutenant Gen/ President Ziaur Rahman was placing budget? Was there no finance ministry back then?

That Muhith dude placing budgets in the early 80's and doing that even now. With all the experiences, He must've become quite skilled in it. He even plans on a 5 trillion Taka budget for 2018-19.

 

[rome333]

2018-2019 will be Muhith's last budget as he targets a 5 trillion Taka budget symbolizing a grand end of his political career.
Also one of his long-cherished desire is to lay the founding stone of the gigantic 142 storied Iconic Tower where he has been very vocal about it. Its a $4 billion project with 2 additional 71 storied towers and think he will take his best efforts for it in the coming times.

 

[Mage]

2018-2019 will be Muhith's last budget as he targets a 5 trillion Taka budget symbolizing a grand end of his political career.

You're saying he'll not contest in 2019 election?

 

[rome333]

You're saying he'll not contest in 2019 election?

He already declared that on TV several times that its his last term.

 

[TopCat]

You're saying he'll not contest in 2019 election?

He should retire now and get married.

 

[Bilal9]

He should retire now and get married.

Ha ha

 

[zip]

4.2 trillion Tk. equals to 53 billion US Dollar.So will increase 10 billion dollar in just one year.Not bad.

That's a lot of tax collection for relative small gdp

 

[Homo Sapiens]

That's a lot of tax collection for relative small gdp

How it is a lot? It is only about 21% of current GDP.

 

[rome333]

How it is a lot? It is only about 21% of current GDP.

Current 2016-2017 budget deficit is planned at 970 billion Taka or 5% of GDP. Where the deficit was suppossed to be funded by a mix of foreign loan, domestic bond and bank borrowing, in reality its mainly been being funded by domestic TK dominated bond as people are flocking in to buy high interest bearing local bond which itself is a good financing option under low inflationary state.

 

[Michael Corleone]

4.2 trillion Tk. equals to 53 billion US Dollar.So budget will increase 10 billion dollar in just one year.Not bad.

This guy is a mad shopper like me. And I only like to shop in bulk so fits the bill.

 

[Homo Sapiens]

Muhith authoring Tk 4.2 tn budget for next fiscal
BSS . Dhaka | Update: 14:01, Feb 27, 2017

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Finance minister Abul Maal Abdul Muhith has said the outlay of the budget for the coming 2017-2018 fiscal could be as high as Taka 4,20,000 crore or 4.2 trillion.

"We projected that the next budget outlay Taka 4 lakh crore but I want to take it Taka 4.20 lakh crore," he told journalists after a pre-budget meeting with leading financial watchdogs at the state guest house Padma in Dhaka on Sunday.

Economists and representatives of Economic Research Group (ERG), Bangladesh Institute of Development Studies (BIDS), Policy Research Institute (PRI) and Bangladesh Economic Association (BEA) took part in the discussion.

The think tanks gave a number of suggestions, including giving attention on Sustainable Development Goals (SDGs), increasing remittance inflow, increasing automation in banking sector, making financial statement in accrual basis and expanded budgetary allocation for various vital sectors like education and health.

Muhith said the government takes some initiatives in every budget and it can also be continued in the coming budget.

"Budget size is important . . . the government is announcing large budget," he added.

The minister, however, said the GDP growth would be exceeded 7.2 percent in the 2016-17 financial year and the growth would be followed 7.5 per cent in future.

He said the government is providing all sorts of efforts to increase the foreign investment in the country and it is getting set back.

He said the new VAT and Supplementary Duty Act-2012 would be implemented from 1 July this year.
http://en.prothom-alo.com/economy/news/140591/Muhith-authoring-Tk-4.2-tn-budget-for-next-fiscal

 

[Nilgiri]

It's important that Taka doesn't lose value against USD. Then it's all fine.

Why this fascination with USD? USD based trade accounts for a small amount of BD economy.

Taka domestic inflation is way more important than appreciation/depreciation with USD or any other currency. In fact the former governs much of the latter to begin with.