Budget size may be Tk 6 lakh 78,064 crore

The budget for the next 2022-2023 fiscal year has already finalized. The upcoming budget has been estimated at Tk 6 lakh 78 thousand 64 crore,  which is Tk 74,383 crore larger compared to previous fiscal.

Finance Minister AHM Mustafa Kamal will place the budget in the Jatiya Sangsad on Thursday (June 9).

It can be noted that last year, the overall environment of placing the budget was unique as Bangladesh was navigating through the Covid-19 crisis at that time. As the Covid situation has improved, the placement of the budget for 2022-23 will be different than last year.

The Bangladesh government is already under pressure in the current FY due to a number of issues, especially inflation and commodity price hikes in the international market.

Finance ministry sources say the proposed budget for next FY will have a deficit of Tk 2,45,064 crore. This figure indicates Finance ministry sources say the proposed budget will have a deficit of Tk 2,45,064 crore. This figure indicates that the budget deficit will increase by Tk 30,383 crore  compared to the previous fiscal. The deficit in 2022-23 was estimated at Tk 2,14,681 crore.

To cover the budget deficit, the government will collect Tk 1,46,335 crore from internal sources, Tk 95,458 crore from foreign loans, and Tk 3,271 crore as foreign aid.

Under the internal sources, the government will collect Tk 1,06,334 crore from banks, Tk 35,000 crore from the sale of savings certificates, and Tk 5,001 crore from the sale of stamps, revenue stamps and others.

The projected inflation rate for the upcoming budget is 5.6 per cent, an increase from 5.3 per cent estimated for the ongoing FY.

In the new budget, Bangladesh is setting a GDP (Gross Domestic Product) growth target of 7.5 per cent, which was 7.2 per cent in 2021-22.
According to insiders, the government has a revenue collection target of Tk 4,33,000 crore in FY23, a 11.31 per cent higher than current fiscal year. So, the revenue collection is estimated to go up by Tk 44,000 crore from the previous fiscal.