Thursday, 7 July, 2022

Govt sincere in handling economic issues: Mannan

Govt sincere in handling economic issues: Mannan

Planning Minister MA Mannan has said the present government is very much sincere in handling the on-going economic issues arising out of the current global condition. 

"So, economics is a very important issue and you can't get panicked about it," he said.
The Planning Minister said this while addressing a roundtable discussion on national budget for the next fiscal year (FY23) organised by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) held yesterday evening at ICMAB Ruhul Quddus Auditorium in the city's Nilkhet area, said a press release.

Comptroller and Auditor General of Bangladesh Mohammad Muslim Chowdhury spoke at the programme as special guest while Dr. Zaid Bakht, chairman of Agrani Bank Ltd and Professor Mustafizur Rahman, distinguished fellow of Centre for Policy Dialogue (CPD), were present as guests of honor.

Mentioning that the government has an eye on the marginalized people, Mannan said they could not control the market because of the practice of its economy. "We're working to reduce the cruelty of the market economy as much as possible by accepting its reality."

The Planning Minister also noted that stability and continuity of the government are essential for economic development. 

ICMAB President Md. Mamunur Rashid presided over the programme while its Seminar and Conference Committee Chairman AKM Delwer Hussain delivered the welcome speech. 

Abu Sayed Md. Shaykhul Islam, council member and former President of ICMAB, moderated the session and Md. Munirul Islam offered the vote of thanks. Secretary of ICMAB AKM Kamruzzaman presented the key-note paper on the national budget for FY23.

The budget is not only a sheet of income and expenditure, Muslim Chowdhury said, adding: "At present, there is more transparency in the budget formulation than ever before. The national budget is only a segment of public financial management and it is one-fourth of the total public financial management issues." 

He mentioned that the government has limitations in resources as on average, over 30 percent of country's GDP is invested where 24 percent comes from the private sector while the remaining eight percent from the government.

Speakers at the event advocated for lowering the corporate tax rate in line with competing countries as well as demanded of the government for having a consistent tax policy to bring the private investors under confidence.
They said it is also necessary to restructure the tax rates of the individual tax payers to give a relief to the low income group. 

Considering the on-going inflation scenario, the participants suggested that the government should find out the ways to keep the mid-income group in a comfort zone.
The speakers said income generating development projects should be completed as early as possible avoiding time overrun and cost overrun while those development projects could be deferred which would not generate any income for the government in near future.