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Dhaka Tribune

Kamal: Did not formulate budget FY24 on IMF’s advice

‘We have embraced some of their (IMF) recommendations which we liked, and rejected the ones we did not like’

Update : 02 Jun 2023, 06:21 PM

The government did not formulate the national budget for the 2023-2024 fiscal year on the advice of the International Monetary Fund (IMF), Finance Minister AHM Mustafa Kamal has said. 

“We have embraced some of their (IMF) recommendations which we liked, and rejected the ones we did not like,” he said at a post-budget press briefing at the Bangabandhu International Conference Centre on Friday.

The minister added that it is good to work with the IMF. “They offer advice and support on various aspects of the economy. But we have not formulated the national budget according to the IMF.”

Kamal further said: “However, various organizations including the IMF and the World Bank have advised to increase the country's revenue. Hence, several steps have been taken to increase revenue collection.”

The finance minister also said that the forex reserve situation of Bangladesh would improve soon.

Finance Minister AHM Mustafa Kamal on Thursday unveiled a Tk7,61,785 crore (approximately $7.1 billion) proposed national budget for the 2023–24 fiscal year in the national parliament.

He started reading out the budget at parliament on Thursday.

The proposed budget will be 15.2% of the Gross Domestic Product (GDP).

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