It’s a budget for all: Kamal

Staff Reporter :
Finance Minister AHM Mustafa Kamal on Friday said the proposed budget for the next fiscal year (FY24) has been awarded to all sections of people, including rich and poor, while all the projections made in the budget would be attained as like the previous years.

“We’ve awarded this budget to all sections of people, including rich and poor,” he said.

The finance minister said this while replying to a barrage of questions at a post-budget press conference held at the Bangabandhu International Conference Center (BICC) in Dhaka this afternoon.

He also categorically said the proposed budget for FY24 has not been framed and thus placed in Jatiya Sangsad in line with the suggestions of the International Monetary Fund (IMF).

Kamal said the IMF usually gives suggestions to its member countries on maintaining balance sheet as well as properly maintaining income and expenditure accounts, which is a good thing.

He said the IMF not only helps the member countries with credit support, but also extends support in project delivery in a flawless way.

“We often become benefitted with their suggestions. But, I want to categorically say that this budget has not been framed and placed in JS in line with the recommendations of the IMF. We can only take their (IMF’s) suggestions which we feel necessary.”
FM has said that the government is worried over inflation.

“We are trying to control the factors those lead to inflation. Inflation would be controlled by importing food items,” he added.
Kamal said, “The rate of inflation was 12 percent when we took charge.

The inflation rate would remain controlled in the next fiscal. The loan we have taken from the IMF is equal to our one and a half month’s remittance.”

He said the government is approaching in a flexible way to contain inflation. Through social safety-net programmes, the government has been providing food to poor people.

“We’re trying to identify the reasons for inflation and address those. If we need to give any concession, we will do that,” he said.
Finance Minister AHM Mustafa Kamal said that no one has whitened black money in the last year.

“No one took any chance even after being given the opportunity,” he said this at the post-budget press conference for the 2023-24 fiscal year at the Bangabandhu International Conference Centre on Friday.

“I said in last year’s budget speech that if someone brings unexpected money to the country, then they would not have to pay any kind of tax. Even after giving this opportunity in the last budget, no unexpected money has come to Bangladesh so far. So in this year’s budget, there is no opportunity to turn black money into white,” the finance minister said.

On Thursday, the finance minister placed a Tk7,61,785 crore budget for the next fiscal year at Jatiya Sangsad aiming at 7.5% GDP growth rate and also to contain inflation at 6%.

Agriculture Minister Dr M Abdur Razzaque, Education Minister Dr Dipu Moni, Planning Minister MA Mannan, Commerce Minister Tipu Munshi, LGRD Minister Md Tajul Islam, Industries Minister Nurul Majid Mahmud Humayun, Prime Minister’s Economic Affairs Adviser Dr Mashiur Rahman, State Minister for Planning Dr Shamsul Alam, Cabinet Secretary Mahbub Hossain, Bangladesh Bank Governor Abdur Rouf Talukder, NBR Chairman Abu Hena Md Rahmatul Muneem, Finance Division Senior Secretary Fatima Yasmin, ERD Secretary Sharifa Khan and Planning Division Secretary Satyajit Karmakar were present at the dais of the press conference.

Turning to the main aspects of the budget, the finance minister said although the number of middle class is higher in the country, they usually do not pay tax as per their ability. “But, now it’s high time to pay tax, even the World Bank and the IMF also made suggestions like this. Those who have taxable income and have enough capability will have to pay tax.”

Kamal also assured that no one would be subject to injustice in the process of paying tax.