The Bangladesh Economic Association (BEA) has recommended a Tk 12.4 trillion alternative budget for the next fiscal years (2019-20) on Saturday with a call to reduce the dependency on foreign credit.
The size of the alternative budget is three times higher than the current fiscal’s budget and about 2.5 times higher than what the finance minister is going to propose for the next fiscal year (FY20).“Our proposed budget makes no use of foreign loans,” said BEA President Prof Abul Barkat while presenting his alternative budget adding that 81 percent of our budget will be covered by government revenue.
Prof Barkat, who teaches economics at Dhaka University, delivered the keynote address at the event. He said it would be possible to implement the budget without resorting to any foreign loan. Out of total Tk 12.40 lakh crore proposed budget, 81 percent worth of Tk 10.02 billion will come from the government — 69 percent from National Board of Revenue (NBR), 31 percent from non-NBR areas and the remaining will be financed by public-private sector.
BEA said new 20 sources have been identified in its proposed budget while the government can collect Taka 95,000 crore from three sources –preventing money laundering, recovering black money and tax on properties.