Dhaka – Finance Minister Abul Maal Abdul Muhith is scheduled to propose Bangladesh’s national budget worth about Tk 4.2 trillion in parliament for the 2017-18 financial year beginning on July 1.
This will be the fourth consecutive budget of the Awami League-led coalition government after it assumed office through a controversial election boycotted by the major opposition parties in 2014.
Muhith, who place 10 more budgets in parliament, last year proposed the budget worth about Tk 3.41 trillion, which was the highest allocation in the country’s history at that time.
The Finance Minister earlier said the government would announce a plan in the next fiscal year’s budget on how to invest foreign exchange reserves in implementing development projects.
The Bangladeshi parliament on June 30 last year passed 3.41 trillion taka (42.58 billion U.S. dollars) national budget for the outgoing 2016-17 fiscal year, targeting an economic growth of 7.2 percent.
In the proposed budget for the 2017-18 Muhith is likely to set a 7.4 per cent economic growth in the upcoming fiscal year sensing a smooth political atmosphere.
In his budget proposal, the minister is likely to propose a 15 per cent vat to be implemented from the new fiscal year as he mentioned about it in the previous budget proposal.
After the placing, lawmakers will hold discussion on the proposed budget to pass in parliament at the end of June.