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Finance Minister AHM Mustafa Kamal has unveiled a Tk 7.62 trillion national budget for the fiscal year 2023-24 (FY24).
He placed the budget before the Jatiya Sangsad at 3:00pm on Thursday.
The record outlay of Tk 7.62 trillion represents an increase of over 12 per cent compared to the original budget of Tk 6.78 trillion for this fiscal (FY23). The revised budget for the outgoing fiscal year is set at Tk 6.60 trillion.
In the budget, Tk 4.75 trillion has been earmarked for the recurrent or operating expenditure, while the rest amount for development and other spending.
Earlier in the day, the Cabinet at a special meeting approved the proposed national budget for FY24.
Prime Minister Sheikh Hasina presided over the meeting held in the cabinet room of parliament with Kamal and other ministers.
This is Bangladesh’s 52nd budget and the 24th of the Awami League government in five terms.
According to a press release by the Ministry of Finance, “The budget for the next fiscal year (FY24) will be the first budget towards building Smart Bangladesh,”
It also added that the budget will also prioritise health, agriculture, and food production. Moreover, there will be a range of food-friendly programmes throughout the year and the coverage of social safety nets will be expanded too.
In FY23, the country’s average inflation rate at the end of 11 months stood at 8.04 per cent, compared to the government’s target of 5.6 per cent.
However, inflation in the upcoming FY24 is projected to be only 6.5 per cent. As a result, experts predict inflationary target is unachievable like last year.