Sunday, 14 July, 2024, Reg No- 06
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Next budget will try to address big economic challenges: FinMin

Published : Monday, 27 May, 2024 at 12:00 AM  Count : 79

Finance Minister Abul Hassan Mahmood Ali said the budget for fiscal year 2024-25 will have a reflection of peoples aspirations.

He said this after the visiting IMF executive director Krishnamurthy V Subramanian met him at his secretariat office on Sunday

Responding a question from reporters as to which sector will see priority in the next budget, the Finance Minister said, "Our main goal is to bring the economy back on track. At the same time, we will try to keep prices of daily products within the purchasing power of people."
He said there are many big challenges that the budget will try to address like inflation, dollar crisis, reserves, revenue collection etc. We are working to address big issues; we are on the right track. Curbing inflation remains our highest priority, he said.

You will see a reflection of peoples hopes and aspiration in the upcoming budget. "Also people would see a reflection of the election manifesto of the government in the budget," he said

"We have many difficulties, we have to overcome them to meet the promises we have given to people," he said adding that the government is already working to overcome difficulties that people are facing.

Seeking his reaction that the countrys economy is in crisis as prominent economist Dr. Wahiduddin Mahmud has said, the minister said he didn understand what he meant by it. "I don understand what he meant by crisis. Speaking against the government does not make one champion,"

"Nothing positive has happened, everything is in ruin," this is what they say. These are baseless claims; in fact they belong to the opposition and want to become champion by speaking against the government," he said.

On a question how mere criticism of the government by someone can be lamented as opposition, the minister said, "no, this is not; but the overtone must be noticeable." Moreover of if someone says something critical, the economy will not end, he said.

Pointing to huge default loans by big borrowers is plaguing the banking sector, he said we will catch them. Asked whether the social safety net will increase in the next budget, Abul Hassan Mahmood Ali said, "It will be increased, I hope you can see it. It is in the process. "

Asked whether or not the budget expenditure will be contractionary, he said "Contraction has already taken place. We are going through it and now we want to recover from contraction."

On a question how the former IGP or Army Chief amassed so must illegal property and if certain quarter of the government lent support to it, the finance minister said, surely had there been no support they could not do it. On a question if the court order to confiscate their property is just eyewash, he avoided a direct answer.  

If the government would take action against them, the finance minster said let us see it.

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