Budget Ambitious, But Implementable: PM

On Monday, Prime Minister Sheikh Hasina, describing the factors behind the creation of an aggressive national budget with an 8.2% GDP growth goal, hoped that her government will be able to execute it like it did in previous fiscal years.

"We've never failed to implement budgets in the past, and we're not going to fail in the future, too. We never have a sense of frustration. We 're still going ahead with a clear work schedule to achieve a target, "she said.

The PM said this joining the general discussion in the House on the proposed Tk 5.68 trillion budget for 2020-21 fiscal year, reports media.

Sheikh Hasina assured the people of the country that the Awami League government will strongly face any possible crisis, no matter what. "No one is going to remain unfed."

Noting that many people say that the government is very optimistic about the budget, she said.

“We’re hopeful that there’ll be a recovery from this situation. So, we’ve taken this step considering it. If there’s no end to COVID (situation), we may not be able to implement it. But, I think, we should have prepared. So, we placed this ambitious budget. We’ve placed it as we have a desire to improve the living standard of people.”

Hasina mentioned that four assumptions had been taken into account while fixing the 8.2 percent GDP growth target in the budget palaced amid the Covid-19 pandemic.

“We hope the world economy as well as the domestic one will come out gradually from the (adverse) impacts of the Covid-19 in 2021. The Bangladesh economy will return to its previous condition. So, we’ve estimated an 8.2 percent GDP growth in the budget for 2020-21 fiscal year,” she said.

Hasina said the government has taken necessary measures to maintain stability in the macroeconomy and low inflation rate.

Elaborating the four assumptions considered in the estimation of 8.2 percent GDP growth, she said though economic activities were hindered, there was no damage to economic infrastructures as happens during natural disasters or wars.

Besides, she said, the supply-demand in the domestic market will increase as the public expenditures will go up to create jobs and increase the incomes of people. "And if the stimulus packages announced by the government are implemented, the production and the supply chain will  get normal again." 

She said that it is expected that the vaccine for Covid-19 will be available on the market in October-November next, 'and if so, people's lifestyles would soon become usual in Europe and America, and Bangladesh's export earnings will rebound to the previous point.

In addition, Hasina said, fuel prices are on a steady increase in the international sector. "The current crisis in Bangladesh concerning overseas employment and remittances will, therefore, fade away."

The Prime Minister shared his firm hope that Bangladesh will restart its path towards growth by successfully resolving the economic impacts induced by Covid-19.

Source: UNB