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Bangladesh Budget Summary Of 2021
Mustafa Kamal, Bangladesh’s finance minister, presented the country’s national budget for the fiscal Year 2021-2022. The National Budge is the annual financial statement of a country. Which is primarily a forecast of the government’s revenue and spending for the coming year.
Significant Announcements Of Budget 2021
- The total expenditure of the budget is fixed at TK 603681 crore. Which, however, is a 6.28% increase from the previous fiscal year.
- Total revenue collection has been fixed at TK 392490 crore (US $46 billion). From which, TK 330078 crore (US $39 billion) is to be raised by the National Board of Revenue only.
- The allocation for education is fixed at TK 1592 crore (US $8.5 billion), which is an 11.9% increase from the previous year.
- After that, the allocation for health is TK 32731 crore (US$3.9 billion), a 3.8% increase.
- Moreover, the allocation for defense is Tk 34842 crore (US$4.1 billion), an 8% increase.
- The allocation for climate change has increased by 9.53% to Tk 25124.98 crore this year. And this amount will be spent across 25 divisions in Bangladesh.
Bangladesh Supplementary Budget 2021-2022
A brief description of revisions and adjustments made in the budget of FY2020-2021 is as followed:
- Revised Revenue Income: Primarily, the target was TK 378000 crore in FY 2020-2021. However, after reviewing the situation, it was reduced to TK 26468 crore and refixed at TK 351532 crore.
- Revised Expenditure: Firstly, expenditure was set at Tk 568000 crore. However, later it was reduced at TK 538983 crores.
- Revised Budget Deficit & It’s Financing: It was primarily estimated at TK 190,000 crore. However, in the revised budget, it was set at Tk 187451 crore.
Graduation To Developing Country Status Based On 3 Indicators
The UN committee for development meets every three years to review the least developed countries. In the congregation, three indicators are reviewed to determine the status of a country.
- Per Capita Income: The previous three years’ average per capita income is considered. According to the UNDP’s 2021 review, the per capita income criteria for qualifying is US $1,222 or more. However, in the last three years, Bangladesh’s average per capita income has climbed to $1,827.
- Human Asset Index: It is calculated using a combination of factors such as nutrition, health, mortality, school enrollment, and educational rates, among others. The Human Asset Index qualifying score must be 66 or higher. Bangladesh has a score of 75.3 in this category.
- Economic Vulnerability Index: The agricultural sector’s contribution to the economy is considered. Diversification of exports, the population ratio of coastal areas, crisis scenarios as well. However, the Economic Vulnerability Index score had to be 32 or below to qualify. And, Bangladesh now has a score of 27.2.
Controversy Over Bangladesh’s Budget 2021-2022
The religious affairs ministry has been given a budget of TK 15054.03 crore (US$1.8 billion) for the upcoming fiscal year. As a result, the Bangladesh Hindu-Buddha-Christian Oikya Parishad expressed their displeasure in a press release. However, the allotment was seen as a “continuation of discrimination against minorities.”
Economic Recovery From The COVID-19 Pandemic
The COVID-19 pandemic has struck our growing economy. Therefore, slowing economic growth, poverty reduction, and other development goals at this critical stage of our economic development.
Most importantly, the biggest impact on our economy was the postponement of clothing export orders. That, in turn, puts millions of jobs in jeopardy. Therefore, on March 31, 2020, a Tk. 5,000 crore emergency fund was established for people working in the industry without delay.
In addition, on 5 April 2020, the Hon’ble Prime Minister announced four economic recovery programs totaling Tk. 67,750 crore to counteract the recession.
Developement Of Bangladesh’s Economy Compared To Global Economy
The fact that both the International Monetary Fund (IMF) and the World Bank have raised their economic growth predictions for Bangladesh from previous forecasts is highly encouraging for us. In real terms, the global economy will grow by 6.0 percent in 2021 and 4.4 percent in 2022, according to the IMF.
Bangladesh, on the other hand, is expected to grow at a 5.0 percent annual rate in 2021 and a 7.5 percent annual rate in 2022. Moreover, in FY 2020-2021, the World Bank predicts worldwide GDP growth of 4.0 percent and Bangladeshi GDP growth of 3.6 percent.
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