Home ›› 10 Apr 2023 ›› News
The government will prioritise alleviating poverty in the country in the upcoming budget for fiscal year 2023-24 (FY24).
The Finance Ministry has instructed the ministries, divisions and departments concerned to increase service standards in the upcoming fiscal year for the poor in line with that goal.
Besides, no new project, except the ones already approved in the Executive Committee of the National Economic Council (ECNEC), will get allocation.
The ministry gave the instructions in a circular published Saturday.
According to the circular, the Finance Ministry has asked all government agencies concerned to submit their estimated budget in the Integrated Budget and Accounting System within the expenditure limit decided in the tripartite meeting of the Finance Division and Planning Commission with various ministries, divisions and departments.
A meeting of the Coordination Council on Finance, Currency and Currency Exchange Rate, chaired by Foreign Minister AHM Mustafa Kalam, on Wednesday approved a proposed budget of Tk 7,59,955 crore for FY24.
The circular states that government organisations can ask for an increased allocation for poverty alleviation aids. Also, they can increase the quality and quantity of services provided to the poor in line with the basic policy of the government in the next budget. For this, funds should be allocated to specific programmes that contribute to the achievement of the strategic objectives.
Finance Division officials said various studies have shown that the poverty rate has increased slightly due to the recent Covid-19 pandemic and the war in Ukraine. For this reason, instructions have been given to take action in the next budget focusing on poverty alleviation.
Regarding the budget estimate, the circular said in FY24, the management and development cost estimate of government organisations need to be prepared within the approved limits decided in the tripartite meeting. In addition, the projections for FY25 and FY26 have also been asked to be kept within the expenditure limits.
Regarding the cost estimation of development expenditure, it said no project which has not been approved by ECNEC can be proposed in the next budget. However, necessary steps will be taken regarding projects that are eligible for policy inclusion in the ADP to facilitate foreign aid. Project wise review and rescheduling in necessary cases can be done on the basis of the criteria set in the tripartite meeting. However, the total ADP expenditure limit provided for the respective ministries, divisions and departments must not exceeded in any way.
The Planning Commission will examine the proposals for inclusion of new projects in the ADP of FY24 and take necessary measures in due course.
Meanwhile, autonomous bodies receiving government grants have to review their own income and source of income for the current fiscal year in determining budget allocation. The estimated and projected income agreed upon in the tripartite meeting should be shown in the respective financial year. Excluding own income money, the budget should be estimated and projected based on determining the amount of government grant and expenditure limit for the concerned organisation.
However, if it is not possible to consolidate the allocation within the set expenditure limit, the budget working group will determine the priorities and recommend to the budget management committee, taking into consideration the importance of the related projects to the strategic objectives of the ministry and the achievement of the main goals of the tripartite meeting.
