DHAKA, June 16, 2020 (BSS) – President of the International Business Forum of Bangladesh (IBFB) Humayun Rashid today called upon the authorities concerned to take necessary measures for reviewing the budget on quarterly basis so that it can be properly implemented.
“A high-powered advisory committee, involving the private sector, can be set up to review and monitor the implementation of the annual development program,” he said.
The IBFB president made the suggestion at a virtual press briefing styled ‘Post Budget Observation of IBFB on National Budget for 2020-21’.
Humayun Rashid said the advisory committee will submit the direction of proper implementation, review and scrutiny of the budget to the government through the relevant parliamentary committee.
“The size of Bangladesh’s budget is increasing. As a result, the pressure to increase the capacity to manage and implement the budget is also increasing. We must develop efficiency in budget allocation as well as increase the capacity to use the allocated funds appropriately,” he added.
He said the country can be taken forward through proper use of technology, proper monitoring of budget implementation, coordinated communication between different ministries, increase in quick decision making ability, learning from the experience of other countries and working together with development partners.
“Now the burning issue is coronavirus. The question of saving lives is first, the second issue is livelihood. Needless to say, this is a new Bangladesh. The previous situation will never come back. We still hope that the finance minister will give a new vision of development by avoiding the legacy of the past. He will come forward to change the structure of the economy,” he added.
The IBFB president lauded the proposal of the budget to reduce tariffs on raw materials required by some industries. “The IBFB believes that there is no alternative to encouraging industrialization for creating employment in the country and bringing low-cost products to the people,” he added.
He said the proposal to reduce import duty for the protection of locally manufactured products, including lifts, refrigerators, compressors, air conditioners and motors, is highly commendable.
Humayun Rashid urged the government to keep on the VAT exemption for the locally manufactured motorcycle industry.
“To encourage the development and growth of the local motorcycle industry, concessions were given in the fiscal 2019-20, which has been canceled in the proposed budget. This will increase the price of motorcycles produced in the country and lose market share in competition with imported motorcycles,” he added.
Among others, IBFB Immediate Past Vice President Hafizur Rahman Khan, IBFB Founding President Mahmudul Islam Chowdhury and IBFB Vice President MS Siddiqui were present on the occasion.