Minister Obaidul Quader says target to cover budget deficit no ‘pipe dream’

Road Transport and Bridges Minister Obaidul Quader has said the government’s target to cover the deficit in the next fiscal year’s budget is no ‘pipe dream.’

He said it was possible for the government to cover the deficit in 2015-16 budget.

While visiting eviction of illegal shops and cleaning of roads at Shimrail under Narayanganj’s Siddhirganj on Friday noon, the minister said the target of covering the budget deficit was not a ‘pipe dream’.

“The budget has been presented as per international standard,” he said.

Finance Minister Abul Maal Abdul Muhith placed Tk 2.95-trillion budget in Parliament on Thursday with a deficit of Tk 866.57 billion, which is 5 percent of country’s gross domestic product (GDP).

He said the government would collect Tk 565.23 billion, or 3.3 percent of the GDP, from local sources.

Of the money, Tk 385.23 billion would be borrowed from banking system and Tk 180 billion from savings instruments and non-banking sources, according to his budget speech.

The minister said Tk 301.34 billion would be collected from foreign sources.

In his budget speech, Muhith proposed an allocation of Tk 263.29 billion for the communications and transport sector.

Minister Quader expressed his satisfaction over the allocation.

He said many ministries ‘return’ the money allocated for development works under them.

“But the utilisation of fund allocated for development works under my ministry has been 100 percent for the last three years,” he added.

Quader announced that his ministry would launch a drive to evict illegal billboards, establishments and bazaars after Eid-ul-Fitr.