Kamal unveils his first budget today
Published : Thursday, 13 June, 2019 at 12:00 AM Count : 819
Finance Minister AHM Mustafa Kamal will unveil the national budget for 2019-20 to parliament today in the afternoon.
This will be his first budget as the Finance Minister and also the first one of the Awami League government in the third consecutive term led by Prime Minister Sheikh Hasina.
Kamal said this is going to be a 'smart budget' themed on the slogan 'Bangladesh on the bridge to prosperity; the time is ours.'
As former planning minister he mastered vast experience in the previous government to steer the nation this time as the Finance Minister towards more ambitious growth.
This will not be the customary budget with many new features and dropping many old practices.
The size of the budget will be smaller this time and being printed with a maximum 100 page unlike 150 pages or more in the past.
The budget has set inflation at 5 per cent and GDP growth at 8.25 per cent to be implemented at a cost of a Tk 5,23,150 crore.
It will include Tk 2, 02721
Annual Development Programme. It will be 13 percent bigger than this year's outgoing budget and 18.1 per cent of the size of the country's Gross Domestic Products.
The total revenue collection has been targeted at Tk 3, 77,800 crore. Out of it NBR will collect about Tk 3, 41,700 crore, non-NBR sources will contribute Tk 17,000 crore and the non-tax sources will provide Tk 37,500 crore.
The Finance Minister said the budget will endeavor to achieve the higher vision of the nation by attaining faster growth in all fronts for rapid transformation of the nation to a middle income nation's status soon.
It is going to be huge in terms of spending but to be highly realistic at the same time to meet the expectations of the country's 16 crore people, he said.
Human resource development, power, education and communication sectors are likely to get the highest priority in the budget.
The Finance Minister in his final preparation for presentation of the budget made a last minute review of some sensitive issues yesterday and also had a medical checkup at a city hospital, the sources said.
In his budget speech the Finance Minister is likely to announce the launching of a private sector insurance scheme, insurance for expatriates, grains insurance for farmers and creation of a fund from which unemployed people can take loans to set up business.
He will also unveil reforms in banking sector, capital market, overhauling government borrowing through saving certificates and social security programmes taking poorer people under the network, insiders said.