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Bangladesh budget passed without opposition
Publication Date : 30-06-2014
The Bangladesh parliament yesterday passed the national budget for fiscal 2014-15 without any opposition from the Jatiya Party and independent members, a rare occurrence in the nation's history.
The budget outlines a gross expenditure of 3.82 trillion Bangladesh taka (US$49.2 billon) and net expenditure of 2.50 trillion Bangaldesh taka ($32.2 billion).
Like every year, the defence ministry received the highest allocation, of 164.9 billion Bangladesh taka ($2.12 billion), among the 56 ministries and divisions.
The education ministry received the second highest allocation of 155.5 billion Bangladesh taka ($2.00 billion), followed by the local government division at 154.7 billion Bangladesh taka ($1.99 billion) and the primary and mass education ministry 136.8 billion Bangladesh taka ($1.76 billion).
Some 124.0 billion Bangladesh taka ($1.60 billion) has been allocated to the agriculture ministry, 113.7 billion Bangladesh taka ($1.46 billion)to the home ministry and 111.8 billion Bangldaseh taka ($1.44 billion) to the health and family welfare ministry.
The GDP growth target has been fixed at 7.3 percent, and finance minister AMA Muhith said he is hopeful of achieving the figure as the political situation has returned to normal after the January 5 polls and credit to the private sector is rising.
Muhith said the country's budget has consistently been the smallest among its South Asian peers.
In the last several years, the size of the budget has been increased gradually, with the upcoming fiscal year's budget coming to 18.7 per cent of GDP.
“With such a small-sized budget, a hunger- and poverty-free middle-income country cannot be built by 2021.”