The Jatiya Sangsad (JS) will go into its budget session for fiscal year 2022-23 on June 5. Finance Minister AHM Mustafa Kamal will place the proposed national budget for the upcoming fiscal year (FY23) in JS on 9 June. The initial size of the budget is set at Tk6,77,864 crore and the target for revenue income is Tk431,657 crore. This will be the 51th national budget of the country while the 14th in a row for the Awami League
Taka 2,46,066.09 crore has already been approved for Annual Development Programme (ADP) for the next fiscal year giving highest allocation to the transport and communication sector alongside putting priority on ensuring optimum utilisation of public fund through checking misuse. Out of the original ADP outlay of Taka 2,46,066.09 crore for the next fiscal year, Taka 1,53,066.09 crore will come from the local sources while the rest of Taka 93,000 crore as project assistance.
Our national budget is going to be placed when the Russia-Ukraine conflict and Covid-19 pandemic have already triggered turmoil in the financial markets, and drastically increased uncertainty about the recovery of the global economy.
We believe that the next
national budget for the FY
2022-23 will be
a pro-people, time-befitting, realistic and development
Keeping this in mind, Prime Minister Sheikh Hasina-led Awami League government has prepared the proposed budget in order to expedite economic recovery, face the global recession and bolster its efforts to save lives and livelihoods of country’s people.
The war against Ukraine and sanctions on Russia are hitting economies around the globe, with emerging market and developing countries in the Europe and Central Asia region expected to bear the brunt, says the World Bank’s latest Economic Update for the region. Therefore, announcing the budget for the fiscal year will be a very challenging one as the whole world may reel under severe financial crisis due to the Russia-Ukraine war and Covid-19 attack.
The government must take steps to bring comfort to the lives of the general people. The government will have to implement projects that are urgent, and shelve low-priority works for now so that our economy does not face the pressure mostly stemming from the international crisis. We believe that the next proposed national budget for the FY 2022-23 will be a pro-people, time-befitting, realistic and development oriented one.
We hope it will help expedite economic development in the country amid Russia-Ukraine conflict and coronavirus (Covid-19) pandemic. Besides, the next budget will obviously supplement the improvement process of national and socio-economic conditions after expediting the GDP growth alongside elevating human resources and reducing poverty.