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Budget spending slows in first quarter

  • Published at 12:32 am December 23rd, 2016
Budget spending slows in first quarter
At the same period last year, 12.60% of the total budget allocation was spent. Finance Minister AMA Muhith will present a report on the country’s macroeconomic situation and budget implementation in next session of the parliament. In the current fiscal year, the budget deficit is estimated to be Tk97,853 crore, which is 5% of the country’s gross domestic product. The deficit is to be met by borrowing from foreign and local resources. A finance ministry official involved with budget expenditure said the reason behind the low expenditure rate is slow implementation of the annual development programme (ADP). In the first quarter, only 6.32% of the total ADP allocation was spent, which is the lowest in five years, earlier it was only 6.7% of the total ADP. Senior Finance Secretary Mahbub Ahmed said the bank borrowing had declined as the ministries and divisions did not complete their development projects in the current fiscal year. “Those ministries and divisions do not have enough capacity to utilise their development funds, and as a result most of the funds were returned at the end of the fiscal,” the secretary said. He said: “We had to reduce the current fiscal year’s bank borrowing outlay.” The government repaid the bank loans. Due to non-use of the funds in development projects, bank borrowing has dropped remarkably. The government’s bank borrowing target for the current fiscal year has been set at Tk38,938 crore. The government has repaid Tk3,047 crore in first three months of this fiscal. The target of the non-bank loan is Tk20,784 crore in the current budget from which the government borrowed Tk2,264 crore while borrowing from saving instruments stands at Tk8,702 crore in the first quarter.
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