ZCZC
BSS-56
MUHITH-BUDGET-FY19-THREE-LAST (DHAKA)
In his budget speech, Muhith proposed to expand social security coverage including rising the number of recipients of old age allowance, the allowance for widows and oppressed women, increasing the rate of allowance for financially insolvent disabled persons and transgender people.
He has also proposed allocation of Tk 400 crore in the budget to support insolvent war-wounded and sick freedom-fighters or their wives, children or grand-children.
Muhith has also highlighted the present government’s successes in meeting the energy crisis when GDP growth met target, inflation was also kept under control, and the country saw significant improvement of various administrative and financial services in the past one year.
While focusing on the policy-strategies and action plans, Muhith said he kept in view several background scenarios-1) the proper implementation of the Seventh Five Year Plan, 2) the promises of recently earned LDC graduation, 3) appropriate reflection of SDGs in many areas including sustainable and inclusive growth, industrialisation, productive and decent employment opportunity, education, health, women empowerment, environment management-climate change, and safe habitation, 4) structural transformation of the economy, 5) readiness for creating ‘Vision-2041’ in continuation of ‘Vision-2021’.
“Overall, we have taken into consideration the needs and necessities of the people in the context of ever-changing global and domestic realities,” he added.
Bearing in mind the reality of preference-erosion of the country’s exports after 2027 in the context of LDC graduation, the finance minister laid emphasis on strengthening the country’s competitive edge. Apart from the RMG industry, there will be attempts to diversify our export basket by focusing on jute and jute goods, leather and leather products, sports shoes made of cloth and polythene, frozen fish, processed foods, medicines and non-traditional products such as bicycles, he said.
“Side by side, we will strengthen our diplomatic efforts to explore and expand the free trade area in the international and regional spheres and extend the time-frame of duty free trade facilities,” he added.
Muhith said Prime Minister Sheikh Hasina has set our next target of becoming a happy and prosperous country by 2041. Following the roadmap set out in two Five-Year Plans spanning from 2011 to 2020, the country is progressing towards that desired target, he added.
“I once again express my firm conviction about the success of Bangladesh’s march toward prosperous future and on this optimistic note, I present the budget for FY2018-19 before this august House. I am sure that the people of all strata will participate in implementing this budget combining their initiative, creativity, participation and spontaneity,” he said while wrapping up his speech.
Prime Minister Sheikh Hasina, leader of the opposition Rawshan Ershad and cabinet members were present when Muhith placed the 5th and last budget of the present Awami League government that returned to power for a second consecutive term after January 5, 2014 polls.
In line with the legal procedures, President Abdul Hamid authenticated the proposed national budget for the coming fiscal and the revised budget for the outgoing 2017-18 before the finance minister placed it in the House.
The cabinet earlier in a meeting at the Sangsad Bhaban with Prime Minister Sheikh Hasina in the chair approved the budget, which is expected to be passed on June 30, the last day of the outgoing fiscal 2017-18.
BSS/ASG/TAN/BR/1855hrs