The government plans to extend VAT exemption and offer tax holiday to all export-oriented goods and services in order to create new export sectors, diversify goods and explore new markets.

The proposed budget has not properly addressed the pressing issues – higher inflation and the US dollar crisis -- that are causing immense macroeconomic imbalances, said economists in their immediate reaction.

When reassurance was needed, he exuded panic.

The budget proposed in parliament yesterday is geared toward attracting private sector investment to create employment and expand businesses, but some proposals need to be reconsidered, said economists and businesspeople.

The proposed budget placed in parliament yesterday is geared towards attracting private sector investment to create employment and to expand business, but some proposals need to be reconsidered, said economists and businesspeople.

The Asian Development Bank has approved a $250 million policy-based loan to support Bangladesh’s social protection reforms as well as to protect vulnerable population against socioeconomic challenges. 

According to the budget for the fiscal year 2022-23, it has been proposed that Tk 1,917 crore will be allocated for the ICT Division.

Finance Minister AHM Mustafa Kamal unveiled a proposed budget of Tk 678,064 crore for 2022-23 fiscal year in the national parliament today.

Finance Minister AHM Mustafa Kamal has reached the National Parliament to present the National Budget for the financial year 2022-23 today.

The government should take adequate measures to make it easier for businesses to operate, said a noted entrepreneur.

The Bangladesh Trade and Tariff Commission (BTTC) yesterday suggested the commerce ministry review the price of edible oil in local markets as the product’s price is declining globally.

The budget should focus on time-befitting strategies in order to cut the cost of doing business and raise trade and investment competitiveness, said Rizwan Rahman, president of the Dhaka Chamber of Commerce and Industry (DCCI).

The budget for the next fiscal year should be framed by taking into account the new challenges facing the economy and the cost of living crisis confronting people, said a noted economist.

The government must ensure a prudent macroeconomic management and coordination between fiscal and monetary policies to help Bangladesh ride out the current crisis, said Monzur Hossain, research director of the Bangladesh Institute of Development Studies.

The government should control import demand and cut public expenditure to lessen pressure facing the economy as well as expand social safety net programmes to help poor and low-income households cope with higher inflation, said Zahid Hussain, a noted economist.

Local currency taka gained in value by Tk 0.50 to Tk 91.5 per US dollar at the interbank platform yesterday after facing a continuous slide in the last couple of months. 

Ten banks in Bangladesh collectively faced a capital shortfall of Tk 27,051 crore in March, an indication of their fragile health caused by years of irregularities.

Austerity and generosity may not go hand in hand, but Finance Minister AHM Mustafa Kamal faces a situation where he has to apply both when he unveils the budget for the next fiscal year today.

AHM Mustafa Kamal, whose life has been full of struggles, had dreamt of becoming the finance minister, so he consciously entered politics.

What is the purpose of the national budget? In essence, it is to allocate scarce resources.