Thursday, 7 July, 2022

Govt keeps expenditure limited as revenue falls

Says planning minister, suggesting reforms of the National Board of Revenue

  • Staff Correspondent
  • 20 June, 2022 12:00 AM
  • Print news
Govt keeps expenditure limited as revenue falls

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Planning Minister MA Mannan said the government was not increasing its budget expenditure much due to a shortfall in revenue collection. 

“NBR should be strengthened for widening the tax coverage to increase revenue collection. The revenue system should be brought under more automation through reforms,” he said in a discussion on Sunday. 

Metropolitan Chamber of Commerce and Industry (MCCI) and Policy Research Institute (PRI) jointly organised the post-budget discussion meeting, according to a press release.

In his speech, the minister suggested more reformation in the regulatory bodies to welcome more private and foreign investment. 

State Minister for Planning Shamsul Alam, PRI Chairman Dr Zaidi Sattar and Executive Director Ahsan H Mansur were also present at the meeting while MCCI President Saiful Islam presided over the session. PRI Research Director Abdur Razzak presented the keynote papers. 

State Minister for Planning Shamsul Alam said the country's total debt is now about 32 percent of GDP, while Pakistan's total debt is over 80  percent and Sri Lanka's debt is more than that.  

“As a result, the idea that the situation in Bangladesh will be like that of Sri Lanka is baseless,” he said. 

PRI Research Director Abdur Razzak presented a review of the budget at the event. He said, "The government spending in Bangladesh is much lower, even than those in low-income countries."  

PRI executive director Ahsan H Mansoor suggested more reformation in NBR as there is no such initiative in this year's budget.  

He said that the rate of private investment has remained stable for the last few years and the rate at which the government is borrowing from banks makes it more difficult for the private sector to borrow.