JS passes Taka 6,78,064cr budget for FY23

The Jatiya Sangsad (National Parliament) of Bangladesh has approved a national budget of Tk 6,78,064 crore for the fiscal year 2022-23. This budget aims to address six key challenges, including controlling inflation, while steering the economy towards recovery from the COVID-19 pandemic and navigating global economic uncertainties.

Key Highlights of the FY2022-23 Budget

  • Total Budget Size: Tk 6,78,064 crore

  • GDP Growth Target: 7.5%

  • Inflation Target: 5.6%

  • Budget Deficit: Tk 2,45,064 crore (5.5% of GDP)

  • Revenue Collection Target: Tk 4,33,000 crore

    • National Board of Revenue (NBR): Tk 3,70,000 crore

    • Other Sources: Tk 63,000 crore

Sectoral Allocations

The budget allocations across various sectors are as follows:

SectorAllocation (Tk crore)Percentage of Total Budget
Social Infrastructure1,83,42527.05%
  • Human Resources (Education, Health, etc.)
1,67,524
Physical Infrastructure2,00,86029.62%
  • Agriculture & Rural Development
86,798
  • Communication Infrastructure
79,026
  • Power & Energy
26,065
General Services1,53,20822.59%
Public-Private Partnership & Financial Assistance53,1557.84%
Interest Payments80,37511.85%
Net Lending & Other Expenses7,0411.04%

 

Legislative Proceedings

Finance Minister AHM Mustafa Kamal presented the Appropriations Bill, 2022, seeking budgetary allocations totaling Tk 8,83,751.82 crore. The bill was passed by voice vote in the presence of Prime Minister Sheikh Hasina.

Opposition members submitted 664 cut-motions on 59 demands for grants across various ministries. These were all rejected by voice vote. Thirteen lawmakers from parties including the Jatiya Party, BNP, Gono Forum, and independents participated in discussions on specific divisions such as the Election Commission Secretariat, Public Security Division, Health Services Division, and Secondary and Higher Education Division. Speaker Dr. Shirin Sharmin Chaudhury applied the guillotine procedure to expedite the passage of the remaining demands.

Strategic Objectives

The budget, titled “Return to the Path of Development; Leaving the COVID-19 Behind,” focuses on:

  • Achieving Sustainable Development Goals (SDGs) by 2030

  • Elevating Bangladesh to a higher-middle-income country by 2031

  • Transforming into a knowledge-based, developed nation by 2041

  • Ensuring a secure delta by 2100

These objectives are set against the backdrop of ongoing recovery from the pandemic and challenges such as the Russia-Ukraine conflict.

Financing the Deficit

The budget deficit of Tk 2,45,064 crore is planned to be financed through both domestic and external sources. Domestic financing includes bank borrowing and savings instruments, while external financing will involve loans and grants from development partners.

The FY2022-23 budget reflects Bangladesh’s commitment to sustaining economic growth, enhancing infrastructure, and improving social services, all while maintaining fiscal discipline. The government’s strategic allocations aim to build resilience and promote inclusive development in the face of global economic challenges.

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