NN Online:
Acting Secretary General of Bangladesh Jamaat-e-Islami, Maulana ATM Masum, has expressed the party’s immediate reaction to the proposed national budget for the fiscal year 2025–26, stating that “the pledge to build a new Bangladesh has not been reflected as expected in this budget. Rather, it appears to be a conventional budget in continuation of the previous ones.”
In a press statement issued on Sunday (June 2), he said, “The Finance Adviser has proposed a budget of Tk 7.90 trillion (790,000 crore), which lacks any touch of innovation in terms of expenditure. Neither has spending increased significantly, nor has it been decreased. The budget offers nothing new.”
He added, “The National Board of Revenue has been tasked with collecting Tk 4.99 trillion (499,000 crore) in revenue—an extremely challenging goal, especially considering that last year’s collection target fell short. Meanwhile, the budget deficit has been set at Tk 2.66 trillion (266,000 crore), with a significant portion expected to come from foreign sources. There is no indication that reliance on foreign funding will be reduced.”
ATM Masum further said, “While the budget has focused on increasing indirect taxes, there has been little initiative to increase direct taxes. This will place more burden on the general public. Changes in import duties and VAT structures will result in price hikes for products such as air conditioners, refrigerators, mobile phones, LEDs, and yarn—negatively impacting both consumers and the industrial sector.”
He noted that “the reduction of tax exemptions for local industries will increase domestic production costs. Moreover, the increase in yarn import duties will raise production costs in the RMG sector, potentially hampering export competitiveness.”
Although there has been some reduction in the price of educational materials, Masum described the overall allocation for the education sector as disappointing. On a more positive note, he welcomed the reduction in the prices of agricultural inputs, healthcare essentials, and cold storage costs, which may provide some relief to farmers.
Referring to the budgetary provision for the treatment and financial assistance of those injured during the July movement, he said, “This is a commendable initiative, but the allocation needs to be increased, and proper medical care should be prioritized.”
While the budget sets a target to bring inflation down to 6.5%, Masum criticized the absence of a clear roadmap to achieve this goal, calling it a source of uncertainty.
He also expressed concern over the lack of an effective plan to recover laundered and illegally transferred money abroad.
