Bangladesh Budget 2023-24 Passed in Parliament

Representative Image: Collected

Representative Image: Collected

The parliament passed the Tk 7,61,785 crore national budget for FY 2023-24 -- with the goal of achieving 7.5 percent GDP growth rate and keeping annual inflation at around 6 percent.

Finance Minister AHM Mustafa Kamal moved the Appropriations Bill 2023, seeking a budgetary allocation of Tk 11,10,840 crore which was passed by voice votes, reports UNB.

Earlier today, the parliament passed the Finance Bill 2023 with some changes.

Following the proposal mooted in the House by the Finance Ministry for the parliamentary approval of the appropriation of funds for meeting necessary development and non-development expenditures of the government, the ministers concerned placed justifications for the expenditure by their respective ministries through 59 demands for grants.

Earlier, the parliament rejected, by voice votes, a total of only 503 cut-motions that stood in the name of opposition members on 59 demands for grants for different ministries.

A total of 10 MPs, including from Jatiya Party and Gono Forum, submitted their cut-motions on the budget. They are: Kazi Firoze Rashid, Rustam Ali Farazi, Mujibul Huq, Fakhrul Imam, Pir Fazlur Rahman, Shamim Haider Patwari, Begum Rawshan Ara Mannan, Hafiz Uddin Ahmed, Mokabbir Khan, and Rezaul Karim Bablu.

They were, however, allowed to participate in the discussion on Commerce Ministry and Health Services Division.

Later, Speaker Dr Shirin Sharmin Chaudhury quickened the process of passing the demands for grants for different ministries without giving a lunch break.

Opposition and independent MPs were present in the House when the Appropriation Bill was passed, and they did not raise objection to passing the bill.

Finance Minister AHM Mustafa Kamal on June 1 placed a Tk 7,61,785 crore budget for Bangladesh for FY 2023–24, which is 15.2 percent of the GDP, with a philosophy of ensuring a hunger- and poverty-free, knowledge-based, and 'Smart Bangladesh' by 2041.

7.5% GDP growth rate with an expectation of keeping annual inflation at around 6%

The allocation for operating and other sectors is Tk 4,36,247 crore, while Tk 2,63,000 crore will go to the Annual Development Programme. 

The total revenue is estimated at Tk 5 lakh crore. Out of this, Tk 4,30,000 crore will be collected by the National Board of Revenue and Tk 70,000 crore from other sources.

The overall deficit in the proposed budget for FY 2023-24 will stand at Tk 2,61,785 crore, which is 5.2 percent of GDP. Out of the total deficit, Tk 1,55,395 crore will be financed from domestic sources and Tk 1,02,490 crore from external sources.

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