With the Covid-19 pandemic appearing to be behind us, and Bangladesh tabling its national budget for the upcoming fiscal year, it is encouraging to see the finance minister present a clear idea about where priorities lie, and what our most significant challenges are as a nation, with respect to the budget.
Indeed, in the past, there has been a lack of clarity when it comes to the budget. While there is yet no guarantee that this shall not be the case over the next fiscal year as well, for now, the fact that we are identifying quantifiable priority areas and challenges is certainly a step in the right direction.
To that end, we agree with addressing the ongoing rise in inflation inflation as being the primary priority area. The fallout of the pandemic and the Russian invasion of Ukraine have left much of the world reeling from inflation, with Bangladesh being no different, and the price of essentials having risen dramatically over the past few months.
It is the duty of every government to ensure that inflation does not go out of hand. Already, millions of new poor have been created over the past few months as a result of inflation, and as stressed time and time again, development of a nation is meaningless if that development is not equitable.
Hand in hand with checking inflation is the need to ensure food security, and we are pleased to see investment in agriculture being identified as a priority. The first few months of this year should have been a warning that disruptions in the global food supply can be sudden, and have serious ramifications. We as a nation must remain prepared for any shocks, so that, above all else, no citizen is ever left wanting for a meal.
Rounding off priorities is investment into human resource development, education, skill development, and job creation -- which we mentioned in yesterday’s editorial as being absolutely integral and non-negotiable -- and it is good to see the authorities’ recognition.
However, while the authorities may have correctly identified priorities, it is a different matter altogether to be able to utilize the allocated funds properly to address them. Therefore, while the budget appears to be hitting the right notes at this time, the real test is following through with the plans proposed in the budget, so that at the end of the FY, we are not left, once again, with failed targets.