Centre for Policy Dialogue (CPD) doubted that a major chunk of the revenue earnings target projected in the proposed national budget for 2015-16 fiscal year may not be achieved.
The think-tank voiced its doubt at a media briefing organized in the capital's BRAC Inn Centre on Friday to give its formal reaction to the national budget placed in parliament on Thursday. At the briefing economist and CPD's distinguished fellow Dr Debapriya Bhattachariya made his presentation on the budget at a press conference.
CPD Executive Director Prof Mostafizur Rahman, Additional Research Director of CPD Khondoker Golam Moazzem and research fellow of CPD Towfiqul Islam Khan, among others, were present.
The analysis of CPD found a number of macroeconomic advantages to be supportive to budget formulation this year, including low inflationary pressure, declining interest rates, stable exchange rates, manageable fiscal deficit, upward trend in remittance flows, favourable balance of payments and augmented foreign exchange reserves.
The CPD also thinks that turning the dream the Finance Minister dreamt in the proposed budget of breaking free of 6 per cent gross domestic product (GDP) growth trajectory into reality would be difficult if the proposed revenue target is not achieved.
The organization recommended formation of five commissions in different sectors in the budget.
CPD Fellow Dr Debapriya Bhattacharya said that they are worried about the budget financing and missing, not the size. CPD has doubt whether the revenue target can be achieved. If it does not be fulfilled, the target of budget will also remain incomplete.
The CPD said that proposing budget for children has been a good thing but it criticized the Finance Minister for dropping the district budget without any prior announcement.
Dr Debapriya said, "Revenue has failed to make up for the expenditure. As a result, the expansionary budget will heavily depend on borrowing from internal sources." CPD also feels the target for revenue collection will not be achieved.
According to him, Bangladesh needs increased allocations for infrastructure but more allocations are needed for health and education.
He also stated that the gap between target and achieving the budget has been increasing day by day.
Dr Debapriya said child budget is the strong point of this budget.