Dhaka – Bangladeshi government on Thursday unveiled the largest-ever national budget worth about Tk 4645.73 billion keeping poverty reduction, human resource development and infrastructure development as priority in the upcoming financial year beginning on July 1.
Finance Minister Abul Maal Abdul Muhith placed the budget in parliament with a an ambitious target of 7.8 per cent economic growth in the election year.
“Our main objective of budget preparation is to alleviate poverty, reduce inequalities and bring basic and qualitative changes in people’s living standard,” the minister said while placing the national budget for 2018-19 financial year.
The allocation for the next financial year is 16.07 per cent higher than that of the outgoing 2017-18 financial year. The size of the budget for the current financial year was 4002.66 billion taka.
Regional parity, human resources development, infrastructure development as well as assuring quality of expenditure are focused in allocation of resources, the minister said.
The government allocated Tk 2915.73 billion for non-development and Tk 1730 billion for development projects. The size of the Annual Development Budget has been raised to Tk 1808.69 billion with some other project allocation, according to the budget document.
The inflation target has been set at 5.6 percent.
The overall budget deficit of Tk 1252.93 billion, which is 4.9 per cent of the GDP, will be finance from external sources.
The overall budget deficit will be Tk 1,25,293 crore which is 4.9 per cent of GDP. Of the amount, Tk 540.67 billion will be financed from external sources while an amount of Tk 712.26 billion will be financed from domestic sources.