Bangladesh stands at a critical juncture as it grapples with the intricacies of its budgetary framework.
The annual development programme (ADP), a cornerstone of the nation’s progress, is marred by a structural flaw – an overreliance on loans.
This dependency not only shackles the government but also restrains the private sector’s access to essential financial resources.
The recent findings by the Centre for Policy Dialogue (CPD) shed light on this concerning reality and offer a clarion call for action.
As we delve into the core of this issue, it becomes evident that a sustainable solution requires multifaceted interventions.
The CPD’s recommendations for the upcoming budget of 2024-25 serve as a roadmap toward fiscal resilience and economic empowerment.
It’s imperative that these recommendations are not merely acknowledged but swiftly acted upon by the government.
First and foremost, the government must prioritize revenue generation through an expansion of the tax net. Bangladesh’s tax-to-GDP ratio lags behind global standards, signifying untapped potential in revenue collection.
By bolstering tax compliance and enforcement measures, the government can augment its financial capacity without solely relying on loans.
Moreover, stringent actions against market manipulators are essential to instill market integrity and deter illicit profiteering.
Additionally, restoring macroeconomic stability demands a concerted effort to mitigate inflationary pressures.
The skyrocketing prices of essential commodities exacerbate the plight of vulnerable segments of society.
The government must enact stringent measures to monitor the essential commodity market, ensuring fair pricing and accessibility for all citizens.
Imposing punitive measures on those exploiting market dynamics is paramount to curbing inflation and safeguarding consumer interests.
Furthermore, as Bangladesh prepares to graduate from the ranks of least-developed countries, prudent fiscal policies are indispensable.
The transition necessitates a reevaluation of subsidy management and developmental priorities.
Aligning fiscal strategies with the nation’s evolving obligations requires foresight and adaptability.
Initiatives aimed at bolstering the private sector post-graduation are imperative to sustain economic momentum and foster inclusive growth.
As citizens and stakeholders, we must rally behind these recommendations and demand accountability from our policymakers.
The trajectory of Bangladesh’s economic future hinges on prudent fiscal management and proactive interventions.
Let us seize this moment to advocate for a budgetary framework that empowers both the government and the private sector, paving the way for a prosperous and resilient Bangladesh.
