Bangladesh unveils Tk 5.23 trillion budget for FY20

Bangladesh has unveiled a Tk 5.23 trillion spending plan for fiscal 2019-20, which is an 18 percent increase from the revised budget of the outgoing fiscal year.

The budget has largely focused on infrastructure, along with a major push to scale up social safety net and other nationally important projects.

In his maiden budget speech posted on the finance ministry’s website on Thursday, Finance Minister AHM Mustafa Kamal made a series of pledges to spur economic growth. In the proposed budget, the GDP growth is projected at 8.2 percent for FY20. Kamal hopes to keep the inflation target below 5.5 percent in the new fiscal year.

 

Of the Tk 5.23 trillion, the proposed budget sets out a revenue target of over Tk 3.77 trillion. More than Tk 3.25 trillion is expected to come through the National Board of Revenue.

The budget deficit will be kept at 5 percent of the gross domestic product.

The government has already approved the Tk 2.03 trillion Annual Development Programme, which is 17.18 percent higher than the revised ADP of the outgoing fiscal year.