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Bangladesh Finance Latest

Parliament passed budget for the fiscal year 2021-22

The parliament has passed a budget of Tk 6 lakh 3 thousand 71 crore for the fiscal year 2021-21. The passed budget will be effective from the first day of the fiscal year 2021-22 (July 1) after the approval of the President.

On the last day of the budget session in Parliament, chaired by Shirin Sharmin Chowdhury, Finance Minister AHM Mustafa Kamal proposed to pass the specification bill. The Speaker passed it by voice vote of the MPs present in the Parliament.

The budget has planned to spend Tk 6 lakh 3 thousand 681 crore for the fiscal year 2021-22. Which is 12 percent more than the revised budget of the recent financial year. 2 lakh 25 thousand 324 crore will be spent on the Annual Development Program (ADP). And the operating cost has been estimated at 3 lakh 28 thousand 840 crore. Other expenses have been estimated at Tk 37,073 crore. In the implementation of the budget, the target of collecting revenue of 3 lakh 89 thousand crore taka has been taken up. Of this, Tk 3 lakh 30 thousand crore will be collected through the National Board of Revenue (NBR). The remaining 2 lakh 14 thousand 681 crore budget deficit. To meet the deficit, the government has planned to borrow Tk 11228 crore from foreign sources. And one lakh 13 thousand 453 crore will be taken from inside the country.

The ministers and state ministers on Wednesday tabled a proposal in the National Assembly to allow the allocation of various ministries, departments and agencies in 59 phases. In the absence of the caretaker minister, Prime Minister Sheikh Hasina demanded the approval of the Ministry of Women and Children Affairs and the Ministry of Land. Opposition Jatiya Party and BNP 12 MPs proposed 625 different types of cuts against the grant demands. The law and justice department, the secondary and higher education department and the health service department’s demands and cut proposals were discussed. After discussions with the opposition, all the proposals were rejected by voice vote.

The new budget is the third term of the Awami League government this time. And the second budget in the epidemic corona. The title of the budget speech of the Finance Minister is ‘Bangladesh on the path to a strong future with priority in life and livelihood’. Due to Corona, revenue collection has been less in the outgoing financial year. Assuming that this trend will continue this year as well, the government has budgeted with a big deficit.

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