In response to the criticism that the proposed budget for the next fiscal is unrealistic and not implementable, finance minister AMA Muhith on Friday said that
though ambitious, the budget is realistic and implementable.
He, however, admitted that political uncertainty and the trial of war criminals are two main risks confronting implementation of the budget proposals. Addressing the post-budget press conference, the finance minister expressed optimism that all the goals prescribed in the budget would be achieved, following the suit of the previous budgets.
He also ruled out the possibility of failure in achieving the highest ever target in revenue collection. “I’m not at all worried about the target in revenue collection,” he said.
Planning minister AK Khandker, information minister Hasanul Haque Inu, energy adviser Taufiq-e-Elahi Chowdhury and Bangladesh Bank governor Atiur Rahman also spoke at the press conference at Osmani Auditorium in the city.
“I agree that the proposed budget is highly ambitious, election-oriented and aimed at satisfying people, but it is very much implementable. My previous five budgets were also aimed at satisfying people,” said the finance minister.
He also termed eradication of terrorism from society as the prime goal. He alleged that the Jamaat-Shibir group has been spreading anarchy in the country.
The finance minister also shrugged off the criticism of the projection of 7.2 per cent growth in the gross domestic product (GDP) next year, saying that the target is not high in the perspective of the prevailing economic situation. He claimed that it would not be impossible to attain the projected GDP growth as the investment-GDP ratio has increased in the last four years.
He, however, acknowledged implementation as the most critical and weak aspect of the proposed budget. The finance minister also agreed that he has compromised with some issues like continuing the provision of whitening black money. According to him, the amount of black money in the country would be around 42 per cent of the GDP.
The revenue collection has increased in the last five years more than it did during the last 30 years, he claimed.
When asked about the criticism regarding lack of an expenditure plan, the finance minister said, “An expenditure plan does exist in the proposed budget, as it did in the previous one.”
In response to the recent comments made by a private research organisation and several economists that the budget will have to be implemented through three governments, Muhith said that the budget would be executed through two governments, not three.
Replying to a query from a journalist on the same issue, he pointed out the “strong stance” taken by the government on the election-time interim government which would supervise the intervening period between this and the next elected government.
Regarding scepticism about meeting the revenue target in the year of the next general election, he said, “It is confusing if you say there is no scope for funding.”
“We have set higher targets for foreign aid this year than the previous ones. We’ve received ample foreign aid this year. I believe the amount will increase next year,” he added.
He noted that a company has a monopoly in the market by taking advantage of the high duty on the import of SIM cards. “Our aim is to break this monopoly to create equal opportunities for others,”
he said.
Muhith accepted the criticism that high amounts have been allocated for the Padma bridge, saying that the construction work of the bridge has already begun. He said Tk. 1,097 crore has been spent for constructing approach roads to the bridge and other infrastructure. The tender for constructing the main bridge would be floated in July this year, he added.
The finance minister said the growth in the agriculture sector has not declined, adding that the average growth in agriculture was 3 per cent during the tenure of the current government.
-With The Independent input
