Tk 4.2 lakh crore budget likely
The finance minister is likely to announce a Tk 4.20-lakh-crore budget for the 201718 fiscal year. The figure is 33 per cent higher than the previous budget. The finance minister is likely to place the budget in the Jatiya Sangsad on June 1, 2017. His budget speech will be over by Iftar.
He will meet Prime Minister Sheikh Hasina on May 11 and 14 to finalise the budget. The finance minister will hold a press conference on the proposed budget at 3.30 pm on June 2.
In a letter to the Prime Minister recently, the finance ministry wrote that the current (201617) fiscal budget would be revised to Tk. 3.10 lakh crore from Tk. 3.40 lakh crore. In line with that, the development budget would go down to Tk. 1.04 lakh crore from Tk. 1.10 lakh crore.
According to the letter, foreign funds are being taken into account in the new budget instead of imposing extra taxes on the people. The ministry expects to include foreign funds worth Tk. 45,000 crore in the budget.
The ministry has been instructed to depend more on foreign borrowings rather than local sources amidst the possibility that more foreign funds would be obtained following loan agreements with different countries.
According to the finance ministry, revenue collection would be increased to 37 per cent, while the development budget will increase by 26 per cent. The revenue target of the current fiscal year is Tk. 2.32 lakh crore, while the development expenditure is set at Tk. 1.4 lakh crore.
