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Bangladesh unveils nearly 38 bln USD national budget for fiscal year 2015-16 - Xinhua | English.news.cn
Bangladesh unveils nearly 38 bln USD national budget for fiscal year 2015-16
English.news.cn 2015-06-04 20:02:10
DHAKA, June 4 (Xinhua) -- The Bangladeshi government has unveiled a record about 3 trillion-taka (about 37.83 billion U.S. dollars) proposed national budget targeting an economic growth of 7 percent for the next 2015-16 fiscal year starting in July.
The country's Finance Minister AMA Muhith on Thursday placed the seventh annual budget of Prime Minister Sheikh Hasina's ruling Bangladesh Awami League (AL) party government since 2009 before the parliament.
In his budget speech, Muhith said despite favourable macroeconomic situation and enhanced public investment, slow pace of private investment is largely responsible for hindering expected high growth.
"We have taken up a range of steps in power, energy and communication sectors along with development of ports and economic zones to overcome this obstacle. These initiatives will sustain the economic momentum by accelerating aggregate demand."
Muhith said the total outlay of the proposed budget for the next fiscal year 2015-16 (July 2015-June 2016) is 2,951.00 billion taka, up by more 18 percent over that of the original budget of the outgoing fiscal year 2014-15 (July 2014-June 2015).
"Total expenditure for 2015-16 fiscal year has been estimated at 2951.00 billion taka (17.2 percent of GDP)."
According to the proposal, the overall budget deficit will be 866.57 billion taka, which is 5 percent of GDP.
Of this amount, 301.34 billion taka (1.8 percent of GDP) will be financed from external sources and 565.23 billion taka (3.3 percent of GDP) from domestic sources.
Muhith said the total estimated revenue will be 2.84 trillion taka.
On the expenditure side, he said the size of Annual Development Program for the next fiscal year will be 970 billion taka with transport, power, physical infrastructure and education sectors getting the biggest chunk of money.
Muhith said that volatility in Eurozone, however, foreshadows an ominous sign.
He expected recovery of the U.S. and euro economies and implementation of reform initiatives in the RMG sector are likely to boost Bangladesh exports in the near term.
"Based on these assumptions, GDP growth rate has been projected at 7.0 percent for fiscal 2015-16."
Muhith said inflation is expected to slide further down in 2015- 16 fiscal year reflecting fall in international oil prices, favourable agricultural production, continuous improvement in domestic distribution system and impact of restrained monetary policy.
"Taking all these into account, we are setting inflation target at 6.2 percent for 2015-16."
The government has hailed the national budget 2015-16 with Prime Minister Sheikh Hasina calling it "progressive and practical " while the opposition slammed it.
Hasina's ruling Bangladesh Awami League party welcomed the budget, also terming it a pro-people one that will help boost development in the country.
But Hasina's arch rival ex-Prime Minister Khaleda Zia's Bangladesh Nationalist Party (BNP) as always rejected the budget, saying it is anti-people, anti-development and anti-investment. (1 U.S. dollar equals to 78 taka)
Bangladesh unveils nearly 38 bln USD national budget for fiscal year 2015-16
English.news.cn 2015-06-04 20:02:10
DHAKA, June 4 (Xinhua) -- The Bangladeshi government has unveiled a record about 3 trillion-taka (about 37.83 billion U.S. dollars) proposed national budget targeting an economic growth of 7 percent for the next 2015-16 fiscal year starting in July.
The country's Finance Minister AMA Muhith on Thursday placed the seventh annual budget of Prime Minister Sheikh Hasina's ruling Bangladesh Awami League (AL) party government since 2009 before the parliament.
In his budget speech, Muhith said despite favourable macroeconomic situation and enhanced public investment, slow pace of private investment is largely responsible for hindering expected high growth.
"We have taken up a range of steps in power, energy and communication sectors along with development of ports and economic zones to overcome this obstacle. These initiatives will sustain the economic momentum by accelerating aggregate demand."
Muhith said the total outlay of the proposed budget for the next fiscal year 2015-16 (July 2015-June 2016) is 2,951.00 billion taka, up by more 18 percent over that of the original budget of the outgoing fiscal year 2014-15 (July 2014-June 2015).
"Total expenditure for 2015-16 fiscal year has been estimated at 2951.00 billion taka (17.2 percent of GDP)."
According to the proposal, the overall budget deficit will be 866.57 billion taka, which is 5 percent of GDP.
Of this amount, 301.34 billion taka (1.8 percent of GDP) will be financed from external sources and 565.23 billion taka (3.3 percent of GDP) from domestic sources.
Muhith said the total estimated revenue will be 2.84 trillion taka.
On the expenditure side, he said the size of Annual Development Program for the next fiscal year will be 970 billion taka with transport, power, physical infrastructure and education sectors getting the biggest chunk of money.
Muhith said that volatility in Eurozone, however, foreshadows an ominous sign.
He expected recovery of the U.S. and euro economies and implementation of reform initiatives in the RMG sector are likely to boost Bangladesh exports in the near term.
"Based on these assumptions, GDP growth rate has been projected at 7.0 percent for fiscal 2015-16."
Muhith said inflation is expected to slide further down in 2015- 16 fiscal year reflecting fall in international oil prices, favourable agricultural production, continuous improvement in domestic distribution system and impact of restrained monetary policy.
"Taking all these into account, we are setting inflation target at 6.2 percent for 2015-16."
The government has hailed the national budget 2015-16 with Prime Minister Sheikh Hasina calling it "progressive and practical " while the opposition slammed it.
Hasina's ruling Bangladesh Awami League party welcomed the budget, also terming it a pro-people one that will help boost development in the country.
But Hasina's arch rival ex-Prime Minister Khaleda Zia's Bangladesh Nationalist Party (BNP) as always rejected the budget, saying it is anti-people, anti-development and anti-investment. (1 U.S. dollar equals to 78 taka)
