Finance Minister AMA Muhith has started placing the 46th national budget for Fiscal Year 2017-18 in the Parliament on Thursday afternoon.
He has started reading out the budget at 1:35pm, which will be the 11th as the finance minister.
Muhith proposed the biggest-ever national budget for the upcomming fiscal year of Tk 400266 crore saying he is placing this budget at a ‘historic juncture’ of economic development.
“Time is ours, time is for Bangladesh,” said the Finance Minister in his budget speech amid table thumping by his colleagues.
Earlier in the day, the cabinet approved the budget of Tk4 trillion for fiscal 2017-18
Of the total expenditure, Tk 2.88 trillion is expected to come from the revenue earnings.
But the budget, which Muhith claimed to be his best among the 11, will have a deficit of Tk 1.12 trillion, which is 5 percent of the GDP.
This is the fourth budget of the incumbent Awami League-led government.
The FY18 budget will be passed on June 30, the last day of the outgoing financial year.
According to finance ministry sources, the new budget will be 26 percent bigger than this fiscal year‘s revised budget of Tk 317,180 crore and 17.5 percent larger than current fiscal year’s original outlay of Tk 340,605 crore.
The overall budget deficit will be about 5.4 percent of the GDP. The growth rate is likely to be at around 7.4 percent in the new fiscal year with the inflation rate at 5.5 percent, they said.
The deficit budget will be financed with foreign loans of Tk 55,800 crore while Tk 48,959 crore will be from the banking system and Tk 25,825 crore from saving instruments.