Bangladesh has unveiled a Tk 5.23 trillion budget for fiscal 2019-20.
The figure is an increase of 18 percent from the revised budget of the outgoing fiscal year.
Finance Minister AHM Mustafa Kamal has begun proposing the budget for upcoming fiscal in Parliament on Thursday targeting 8.2 percent economic growth.
He hopes to rein in the rate of inflation to 5.5 percent.
In line with the Awami League’s 2018 electoral pledges, the budget largely focuses on developing rural infrastructure to ensure that people living in these areas have access to all urban amenities.
The proposed budget sets out a revenue income goal of Tk 3.77 trillion, marking an increase of 19 percent from the revised budget of the current fiscal year.
Out of this, Tk 3.25 trillion will be collected through the National Board of Revenue. Tax revenue from non-NBR sources have been estimated at Tk. 145 billion. Besides, non-tax revenue is estimated at Tk. 377.10 billion.
The deficit stands at Tk 1.45 trillion in the 2019-20 budget, which amounts to five percent of the GDP.
Kamal plans to rake in Tk 680.16 billion from foreign loans and Tk 773.63 billion from the home sector to balance the deficit.