allinonenews's video: Bangladesh National Budget 2015-2016 Year

Bangladesh National Budget 2015-2016 Year. The Financial Budget of Bangladesh 2015-2016 has been announced. Bangladesh Budget 2015-2016 Year are details given. BD Budget Fiscal year 2015-2016 are find online. Finance Minister Abul Maal Abdul Muhith made the disclosure at a pre-budget meeting with representatives of NGOs on Tuesday in Dhaka. He said: “The size of the 2014-15 FY budget was Tk 2.50 trillion. Now we’ve downsized it to Tk 2.38 trillion.” Explaining the reasons, Muhith said: “Until December, I used to believe firmly that our (GDP) growth will be above 7 percent. “But due to the violent politics of the BNP-led alliance now it seems that it will not be possible. That’s why we revised the budget.” The government has already cut the Annual Development Programme (ADP) to Tk 750 billion from Tk 803.15 billion. Budget deficit will remain below 5 percent Muhith said the 2015-16 FY’s budget would be around Tk 3 trillion. “We have to announce a deficit budget this time too. And that (deficit) will remain below 5 percent like the current financial year’s budget,” he added. The government projected a 5 percent budget deficit for the 2014-15 FY and 4.6 percent for 2013-14 FY. The deficit of 2013-14 FY, however, swelled to 5 percent in the revised budget. Priority on human resources, social development The finance minister will attach highest importance to human resources and social development in the new budget. Muhith said: “Until now we used to give priority to the energy and communication sector. This time we want to shift it (priority). The target for bank borrowings is 2.2 percent of the GDP, according to Finance Minister AMA Muhith. On Thursday, Muhith presented in Parliament his budget proposal of Tk 3 trillion with a deficit of Tk 866.57 billion. Businesses, however, raised eyebrows on the target as it saw a Tk 68.09 billion rise in borrowing from the current budget. In an instant reaction, Dhaka Chamber of Commerce and Industry President Hossain Khaled told bdnews24.com, “We fear a decrease in private sector credit inflow.” During his budget speech, Muhith said that the projected deficit amounted to 5 percent of the GDP. The government will borrow Tk 565.23 billion from domestic sources, which is 3.3 percent of the GDP. Another Tk 301.34 billion, or 1.8 percent of the GDP, will be borrowed from external sources. Of the domestic borrowing, Tk 385.23 billion will be sourced from the banking sector and the rest will be sourced from savings instruments and non-bank sectors. The ongoing 2014-15 budget had set a target to raise Tk 432.77 billion from domestic sources, which was later revised to Tk 547.14 billion. Businesses allege that high bank borrowing by the government hinders private sector credit inflow and hikes the interest rate.