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2024-06-05 21:56:32

Ali places Tk 7.97 lakh crore budget for FY25 Thursday

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Ali places Tk 7.97 lakh crore budget for FY25 Thursday

Finance Minister Abul Hassan Mahmood Ali is set to unveil a possible Taka 7, 97, 000 crore national budget for the next fiscal year (FY25) at Jatiya Sangsad (JS) on Thursday, reports BSS.

He will announce the budget amid the growing challenges of containing inflation, maintaining a sound foreign currency reserve, a stable exchange rate and generating more revenues.

This will be the country's 53rd budget and the 25th of the Awami League (AL) government in six terms. This budget will also be the 21st under the rule of Prime Minister Sheikh Hasina in different terms.

Tajuddin Ahmad presented the country's first budget as finance minister of the post-independence Bangabandhu government in 1972.

This budget for FY25 will be the maiden budget of incumbent Finance Minister AH Mahmood Ali.

Career diplomat Ali, who previously served the Cabinet as the Minister for Disaster Management and Relief and the Minister for Foreign Affairs, would eye building a 'Smart Bangladesh' despite various obstacles and adversities.

The theme of the budget for the next fiscal year would be "Pledge towards building a happy, prosperous, developed and smart Bangladesh" in pursuit of turning the country's economy into its previous sound state.

Amid the global volatile condition and adversities, the finance minister is eying a 6.75 percent GDP growth while containing the inflation at 6.50 percent although the general point to point inflation is still hovering slightly below the double digit mark albeit various efforts from the government to tame inflation.

Finance ministry officials said the possible budget size of Taka 7, 97, 000 crore would be 4.60 percent or likely around Taka 35,215 crore higher than the budget of the outgoing fiscal year (FY24). The country's GDP size has been estimated at Taka 55, 97, 414 crore.

Apart from the already approved Annual Development Programme (ADP) outlay of Taka 2,65,000 crore, the possible budget will see an estimated deficit of Taka 2,56,000 crore excluding grants. If the grants are considered, then the overall budget deficit will stand at Taka 2,51,600 crore.

As the government wants to lower expenses, it is likely to contain the budget deficit to 4.6 percent of the gross domestic product in the next fiscal year. The government usually keeps the budget deficit at around 5 percent.

In the current fiscal year (FY24), the budget deficit is Taka 2,61,785 crore.

Bd-pratidin English/Tanvir Raihan

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