National budget for FY23

Coordinated efforts needed to implement it properly

Published : 10 Jun 2022 10:40 PM

A total of Tk 678,064 crore proposed national budget for the financial year 2022-2023 was placed in the Jatiya Sangsad on Thursday. The title of the budget for the next fiscal year is “Return to the Path of Development; Leaving the COVID-19 Behind”. Out of the total budget size of Taka 6,78,064 crore, the total revenue earnings for the FY23 has been estimated at Taka 4,33,000 crore. For the operating and other expenditures an allocation of Taka 4,31,998 crore, while for Annual Development Programme an allocation of Taka 2,46,066 crore has been proposed.

The budget has been prepared keeping in mind the recovery of country’s economy from the economic crises caused by the Covid-19 pandemic, the Russia-Ukraine war and also keeping ahead six key challenges with containing inflation as the major one. Besides, issues relating to keep intact the current development spree overcoming all odds as well as agriculture, food, education and health sectors, creation of new employment opportunities and bringing marginal people under social safety net were given importance in the budget.

The proposed budget has a comprehensive plan to achieve 

the Sustainable Development Goals (SDGs) by 2030, increase 

productivity, create employment and build a poverty-free Bangladesh

The implementation of the incentive packages provided by Prime Minister Sheikh Hasina, timely implementation of priority projects, expansion of training and above all sustaining the economic development of the country have also been focused in the next budget. We have seen the Prime Minister Sheikh Hasina-led Awami League government has never failed to implement budgets. So, the government should be determined to implement this one despite the coronavirus hurdles and the impact of Russia-Ukraine war, as many analysts feared it could be a tough job. 

Economists described the budget to be “highly-ambitious, saying it would be difficult and challenging for the government to implement it properly. Therefore, the government should be aware of these difficulties and challenges. It will have to frame strategies and policies for the coming days considering the potential economic risks posed by the Russian-Ukraine conflict.

Besides, the likelihood of the occurrence of ‘imported inflation’ due to the rise in global prices of all major imported commodities including petroleum oil, and the disruption in the supply chain worldwide will also have to be considered seriously and carefully. Importance should also be attached on meeting the public demand, satisfying the needs created in the health sector and bringing the population under the vaccine coverage.

We welcome the just announced proposed budget as we it is a pragmatic, development-oriented and people-welfare friendly one. The proposed budget has a comprehensive plan to achieve the Sustainable Development Goals (SDGs) by 2030, increase productivity, create employment and build a poverty-free Bangladesh.

The government will have to bring back dynamism in private investment, creating employment, controlling inflation and keeping prices of daily essentials within tolerable limits in order to achieve the goals of the proposed budget to bring positive benefits to macroeconomic stability, economic growth and poverty alleviation and job creation. Besides, it will also have to ensure proper implementation of the proposed budget to prevent corruption, 

money laundering and ensure equitable distribution of growth benefits.