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Dhaka Tribune

Tk340,605cr budget passed with 7.2% growth target

Update : 01 Jul 2016, 03:49 PM
After almost 58 hours of discussion, the parliament has passed a Tk340,605cr budget for the next fiscal year with the aim of achieving a growth rate of 7.2%. The budget – which focuses on making Bangladesh a middle-income country by 2041 – will be effective from today, the first day of the 2016-17 fiscal year. Speaker Shirin Sharmin Chaudhury adjourned the parliament session until July 5 after the Tk340,605cr budget was passed through voice vote. This was Finance Minister AMA Muhith's eight straight budget. At the beginning of the session, the speaker opened the floor for discussion on 55 grant proposals that the opposition and the independent lawmakers spoke on. In cut motions, Jatiya Party and independent lawmakers strongly criticised Finance Minister Muhith regarding the looting of public funds from state banks and Bangladesh Bank. They said the police have already stopped muggers on the streets, but the finance minister could not stop mugging in state banks and Bangladesh Bank. In reply, Muhith said the Anti-Corruption Commission has filed several cases against loan defaulters and regarding misappropriation of bank funds. In future, these kind of incidents will be reduced because of stern actions by the government. On June 2, the finance minister presented budget proposals for FY2016-17, which was cleared yesterday in presence of Prime Minister Sheikh Hasina and Leader of the Opposition Raushan Ershad. The budget fixed a revenue target of Tk203,152cr with a Tk97,853cr deficit. The government borrowing from banking system is Tk38,938cr. It also targeted Tk5,516cr in foreign grant. The major share of the deficit will be covered by income tax, customs duties and VAT. The National Board of Revenue will collect Tk203,152cr, while the non-NBR tax is estimated at Tk7,250cr. A total of Tk32,350cr will be collected from other sources. Appropriations Bill passed Parliament also passed by voice vote the Appropriations Bill of Tk464,553cr for the next fiscal year with various government liabilities except the budget expenditure. The amount approved by the lawmakers stood at Tk311,410cr while the liabilities was Tk153,143cr. Meanwhile, as many as 420 motions for cutting allocations were proposed by the opposition and independent lawmakers, while there were 55 demands for grants to different ministries and departments. The cut motions were against the grant demands for Bank and Financial Institutions Division, Ministries of Planning, Education, Health, Religious Affairs, and Relief and Disaster Management. After discussion, all the proposals were rejected by voice vote.
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