Bangladesh unrolls 18.88-bln-USD national budget for next fiscal year

22:18, June 10, 2010      

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The Bangladeshi government on Thursday unrolled over 1.32 trillion taka (about 18.88 billion U. S. dollars) proposed national budget for the next 2010-11 fiscal year, beginning from July, which is 16.9 percent of GDP.

Placing the proposed budget before the parliament, Bangladesh's Finance Minister AMA Muhith said, "this is 19.6 percent higher than the revised allocation for fiscal year 2009-10 (July 2009- June 2010)."

He said the next year's budget has been prepared on the basis of certain assumptions contained in the medium term macroeconomic framework.

"Factors like global turnaround from the financial crisis, continued growth in agriculture sector and capacity to sustain domestic demand have helped us in making upward corrections to the economic growth in 2010-11 fiscal year," Muhith said.

He said, it is projected in the framework that our economic growth will be 6.7 percent in the next fiscal year.

In his budget speech Muhith said total estimated revenue income will be 928.47 billion taka, which is 11.9 percent of GDP.

He said overall budget deficit will be 393.23 billion taka, which is 5 percent of GDP, he said adding the deficit will be financed up to 156.43 billion taka (2 percent of GDP) from external sources and 236.80 billion taka (3 percent of GDP) from domestic sources.

On the expenditure side, Muhith said the size of Annual Development Program (ADP) for the next fiscal year will be 385 billion taka, 4.9 percent of GDP.

"We hope that expected progress will be achieved by augmenting revenue collection, crowding in private sector investment through ADP implementation, expediting private sector investment through an increase in supply of credit for the private sector and making the external sector competitive through a stable exchange rate."

Alongside, he said, "we will continue with our efforts to contain inflation within a tolerable limit as well."

(1 U.S. dollar is about 70 taka)

Source: Xinhua


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