Terming the proposed budget for the fiscal year 2013-14 as growth-oriented, investment and business-friendly, Bangladesh’s apex trade body, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), said that the implementation of the budget would largely depend on the country’s political stability. Finance minister AMA Muhith presented the budget in the Jatiya Sangsad on Thursday.
FBCCI vice president Md Helal Uddin lauded the government as the national budget reflected several proposals made by the federation. “There are good initiatives in the proposed budget,” Helal said while reacting to the new budget proposals for 2013-14. He, however, expressed concern over its proper implementation due to the current political standoff. This year’s budget is the last budget of the incumbent government, which will be implemented during the tenure of two governments, he said.
As the new budget will face an election period, political stability would be key factor for proper implementation of the proposed budget, he said. “If the current political impasse continues, the implementation of the budget for 2013-14 will be at stake,” the FBCCI vice president said.
Dwelling on the government’s proposed bank borrowing of Tk. 25,992 crore to meet the deficit and other budget expenses for the next fiscal year, Helal said according to the country’s economic size, such bank borrowings by the government will not have any negative impact on the private sector credit disbursement.
At present, the businessmen are not willing to manage capital through bank loans at 20 per cent interest rates, he said, adding: “How would the government be able to make development through bank borrowings with such high interest rates?”
The federation’s leader, however, urged the government to spend the bank borrowings for the development of infrastructure sector.
-With The Independent input
