Bracu University organised a live web conference titled ‘Post Budget Dialogue FY 20-21’ on Facebook page of BRAC University Business & Economics Forum (BeF) on Friday.
The budget for the fiscal year 2020-21 is different from other years because of the economy is getting affected by coronavirus (Covid-19) pandemic.
However, the proposed budget is so far traditional and implementing the budget will be a challenging task for the government.
The discussion was the 6th edition of the event, says a media release.
Since its inception by Brac Business School (BBS), the event brought many eminent economists, financial analysts, keynote speakers on one platform for discussing the aspects of the national budget.
Dr. Mirza Azizul Islam, Ex-Advisor to the Care Taker Government said, “I think that an assumption of 4/5 per cent GDP growth rate would have been more acceptable.”
He also said that borrowing of government’s loan from the banking system would be a cause of decrease in private credit growth, resulting a deficit in both investment and employment opportunity.
Bangladesh is depended in imports as well as a decrease in remittance and less profit for all type of business would hamper the growth rate, he added.
Dr. Islam also expressed the challenge due to the unskilled administration and the accountability of the responsible authority involved regarding the utilisation and implementation of the allocated resources where a section of people would still continue with lavish lifestyle.
Dr. Salehuddin Ahmed, Ex-Governor, Bangladesh Bank said, “I think our expectations can be fulfilled to some extent if the investments are done in an effective way.”
He also marked the necessity of skilled resources in the economy with vocational training and creation of more employment in both urban and rural sector.
It is also vital to consider the social security net where most of the people are deprived of aids from the government, said Dr. Salehuddin.
He also said the importance of link between the wholesalers and the consumers more effectively. Instead of investing more in power plant projects and starting new ones, the existing should be completed with proper investment in projects where employment can be created. Also instead of an increase in tax, ensuring tax payment by all would have been more beneficial.
Dr. ATM Nurul Amin, Chairperson and Professor of Economics, Department of Economics and Social Sciences, BRAC University, & Mr Momiul Islam, CEO, IPDC Finance Limited also attended the webinar.
The discussion was moderated by BBS faculty Mr. Shamim Ehsanul Haque and Ms. Tania Akter.
Watch the full webinar here - https://www.facebook.com/beforum/videos/2722304887881125/