The national budget for fiscal year 2024-25 (FY25) will be placed in the Jatiya Sangsad (JS) today (Thursday). Finance Minister Abul Hassan Mahmood Ali will unveil the budget in the JS.
The size of the next budget is likely to be around Taka 8.0 lakh crore. Controlling the rising inflation is likely to get the highest priority in the budget. The budget for FY25 will be the country’s 53rd budget and the 25th of the Awami League government in the 6th terms.
Tajuddin Ahmed presented the country’s first budget as Finance Minister of the post-independence Bangabandhu government in 1972. The size of the country's first budget was Taka 7.86 billion and ADP size was Taka 5.01 billion.
Our national budget is going to be placed when the Russia-Ukraine war, sanctions on Russia, the Palestine-Israel conflict and the brunt of the conflicting situation in the Middle East have already triggered turmoil in the global financial markets, and drastically increased uncertainty about the recovery of the global economy.
In view of this reality, Prime Minister Sheikh Hasina-led Awami League government has prepared the proposed budget in order to expedite economic recovery, face the global recession and bolster efforts to save the lives and livelihoods of the country’s people.
It can be presumed that the war against Ukraine and sanctions on Russia, the Palestine-Israel conflict and the conflicting situation in the Middle East may affect the social, political, and economic aspects of Bangladesh, nay the whole world. The latest situation is hitting economies around the globe hard and the emerging market and developing countries in Europe and Central Asia region may have to bear the brunt.
In between this, announcing the budget for the 2024-25 fiscal will be a very challenging one as the whole world may reel from severe financial crisis due to the Russia-Ukraine war, Palestine-Israel conflict and the conflicting situation in the Middle East.
Controlling the rising
inflation is likely to get
the highest priority in the budget
However, we think the implementation of the budget will not be impossible as it will help reflect hopes and aspirations of the people in general. The government must take steps, which will bring comfort to the lives of the general people.
We hope, the next budget is needed to meet gradually the increasing demands of the nation so that it will help reflect hopes and aspirations of people.
Authorities will only spend for priority projects – an austerity effort to cap the public expenditure in the wake of the global inflationary spike and growing concern over slumping international economy. The government will have to implement projects that are urgent, and shelve low-priority work for now so that our economy does not face the pressure mostly stemming from the international crisis. We believe the next proposed national budget for the FY 2024-25 will be a pro-people, time-befitting, realistic and development oriented one. It will help expedite economic development in the country amid ongoing global crisis.
People are earning less, but spending more on food in Bangladesh, creating grave difficulty for the poorer sections of society. The next budget should supplement the improvement process of national and socio-economic conditions after expediting the GDP growth alongside elevating human resources and reducing poverty.
Bangladesh is at 9 and 10 percent in inflation, currently more than in Sri Lanka. Inflation is now the government’s major bugbear. Economists observed that the macroeconomic framework for the upcoming fiscal year (FY2025) should continue to focus on curbing inflation and stabilising the exchange rate. The government must take concrete measures for proving respite to the inflation-afflicted common people with limited income.
