A budget of Tk 6 lacs 78 thousand 64 crores has been passed for the new 2022-23 fiscal year. Minister of Finance AHM Mustafa Kamal has named the budget ‘Return to the Path of Development; Leaving COVID-19 Behind’.
The budget was passed by voice vote on Thursday (30 June) in a parliamentary session chaired by Speaker Shirin Sharmin Chowdhury. The budget will be effective from Friday (1 July). Minister of Finance AHM Mustafa Kamal presented the budget in Parliament on 9 June. The MPs then discussed the proposed budget throughout the session. Members of the opposition party criticised the new budget.
After the presentation of the budget, the supplementary budget for the fiscal year 2021-22 was passed on 13 June. For the next few days, there was a general discussion on the budget for the fiscal year 2022-23. The finance bill was passed in Parliament on Wednesday. The budget for the new fiscal year is 15.3% of the gross domestic product (GDP).
The new budget has set a target of Tk 4 lacs and 33 thousand crores for the revenue income, which is 9.8% of GDP. The NBR has been given a target of raising Tk 3 lacs and 77 lac crores, which is 8.4% of GDP.
The budget has set a target of Tk 18 thousand crores for non-NBR revenue collection and Tk 45 thousand crores for non-tax revenue collection (NTR). In the new budget, a total of Tk 4 lacs 31 thousand and 998 crores has been allocated for other sectors including management, and Tk 2 lacs 46 thousand and 66 crores for the Annual Development Program (ADP).
This year’s budget has a deficit of 2 lacs 45 thousand and 64 crores. For the deficit, Tk 98 thousand and 729 crores will come from foreign sources including grants. Tk 1 lac 46 thousand and 335 crores will come from internal sources, of which Tk 1 lac and 6 thousand will be taken from the banking sector.
