Aiming 10% GDP growth by five years: Hasina

Bangla Tribune Desk
Published : 16:55, Jun 14, 2019 | Updated : 17:22, Jun 14, 2019

Prime Minister Sheikh Hasina is briefing the media at the event, which started at 3pm on Friday (Jun 14) at the Bangabandhu International Conference Centre in Dhaka.Prime Minister Sheikh Hasina says her administration aims to achieve 10 percent GDP growth by FY24.
Speaking at the official post-budget media briefing on Friday (Jun 14), she said that the Tk 5.23 trillion financial outlay for FY20 was the biggest-ever budget in the country’s history, which aims to implement the electoral pledges made by the Awami League.
In a rare move, Hasina, also president of the ruling Awami League, appeared before the media to brief on the budget for the first time as Finance Minister AHM Mustafa Kamal has taken ill.
To achieve a double digit GDP by FY 24, the GDP growth rate in the proposed budget for FY20 has been targeted at 8.2 percent for as the GDP grew consistently at a very high rate over the last decade, said the prime minister.
Hasina also said they have target to create 30 million new jobs in the country by 2030.
The prime minister said that her administration’s topmost priority will be education in the next fiscal year.
Laying emphasis on the education sector, Hasina said this sector will get the topmost priority in the next fiscal year.
The prime minister also said Bangladesh is on top in eliminating gender disparity in South Asian countries.
Underscoring the need for reforms to the financial sector, Hasina warned of stern action against wilful loan defaulters.
“We will take stern action against the wilful loan defaulters to bring discipline to the financial sector,” she said.
In his maiden budget speech posted on the finance ministry’s website, Finance Minister Kamal made a series of pledges to spur economic growth. In the proposed budget, the GDP growth is projected at 8.2 percent for FY20. Kamal hopes to keep the inflation target below 5.5 percent in the new fiscal year.
Of the Tk 5.23 trillion, the proposed budget sets out a revenue target of over Tk 3.77 trillion. More than Tk 3.25 trillion is expected to come through the National Board of Revenue.
The budget deficit has been kept at 5 percent of the gross domestic product (GDP).
The government has already approved the Tk 2.03 trillion Annual Development Programme, which is 17.18 percent higher than the revised ADP of the outgoing fiscal year.
In a rare turn of events on Thursday, Hasina also read a part of Finance Minister AHM Mustafa Kamal’s budget speech in parliament he was struggling with ill health.
A distressed Kamal fumbled through the start of his speech before being allowed by Speaker Shirin Sharmin Chaudhury to deliver his address sitting down.
But the minister continued to struggle throughout the session before Hasina came to his rescue and took over from him to complete the address.