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Dhaka Tribune

FY24 budget targets 6.5% inflation, 7.5% GDP growth

The total budget size is set at Tk761,991 crore

Update : 12 May 2023, 09:32 PM

The forthcoming national budget for the fiscal year 2023-24 (FY24) has set an inflation target of 6.5% and a Gross Domestic Product (GDP) growth rate of 7.5%, matching the target set for the current fiscal year.

The initial inflation rate for the current 2022-23 fiscal year was proposed at 5.6% but was revised later to 6.5%.

As of April this year, the country's overall inflation rate was reported at 9.24%, a slight decline from 9.33% in March.

The total budget size is set at Tk761,991 crore, with a total revenue target of Tk500,000 crore and a deficit of Tk261,991 crore. The Annual Development Program (ADP) will be Tk263,000 crore.

The draft budget received approval from Prime Minister Sheikh Hasina at a meeting at Ganabhaban last Wednesday night.

However, the revenue, expenditure, and deficit figures may see some changes before the budget is formally announced.

Finance Minister AHM Mustafa Kamal is expected to present the new budget in the national parliament on June 1.

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