Following the unveiling of the proposed fiscal architecture for 2022-23 (FY23), Finance Minister AHM Mustafa Kamal has expressed firm confidence that the new budget will act as a catalyst for economic dynamism. Speaking at a comprehensive post-budget press conference at the Osmani Memorial Auditorium in Dhaka, the Minister emphasised that the financial plan is meticulously crafted to prioritise the nation’s “marginalised” and “hard-working” citizens, ensuring that the fruits of growth are equitably distributed.
Table of Contents
A Budget for the People
Minister Kamal asserted that the Taka 6,78,064 crore budget is rooted in the aspirations of commoners. He highlighted that despite the “tough times” and potential “ups and downs” ahead, the government remains steadfast in its commitment to the poor. A significant pillar of this social commitment is the impending launch of the Universal Pension Scheme, which is currently in its final legislative stages.
The Finance Minister took a moment to reflect on his tenure, claiming that he has fulfilled every pledge made over the past three years. He noted that even as the global economy buckled under the weight of the COVID-19 pandemic, Bangladesh’s macroeconomic indicators remained resilient—a trend he intends to sustain despite the newer challenges posed by the Russia-Ukraine conflict.
Key Macroeconomic Targets for FY2022-23
The proposed budget sets ambitious targets to maintain stability while fostering rapid industrial and agricultural expansion.
| Indicator | Proposed Target / Value | Strategic Objective |
| Total Budget Size | Taka 6,78,064 Crore | Expansionary fiscal support |
| GDP Growth Target | 7.5 per cent | Achieving pre-pandemic momentum |
| Inflation Ceiling | 5.6 per cent | Containing “imported inflation” |
| Total Subsidies | Taka 82,745 Crore | Buffering global energy & food price hikes |
| Export Earnings | $50 Billion (Achieved) | Sustaining staggering trade growth |
| Remittance Goal | $24 Billion | Incentivising formal banking channels |
Addressing “Undisclosed” Assets and Global Headwinds
One of the most discussed features of the new budget is the tax amnesty for offshore assets. Minister Kamal clarified that the government distinguishes between “black money” and “undisclosed money,” which often remains hidden due to systemic complexities rather than criminal intent. By offering a tax rate of 7 to 15 per cent, the government hopes to repatriate these funds into the mainstream economy, citing successful precedents in countries like Indonesia, the UK, and the USA.
Regarding the rising cost of living, the Minister acknowledged the reality of “imported inflation.” He assured the public that the government is working relentlessly to manage the demand-supply gap to prevent market instability from persisting. To support this, a massive subsidy of over Taka 82,000 crore has been earmarked to keep fuel, gas, and fertiliser prices manageable for the domestic market.
“Made in Bangladesh” and Future Resilience
The budget also champions the “Made in Bangladesh” concept, providing fiscal patronage to local industries to reduce import dependency. Minister Kamal noted that foreign currency reserves, which stood at a mere $7 billion in 2009, had reached $48 billion recently. Although the current geopolitical climate has caused fluctuations, he remains certain that reserves will return to the $48 billion mark through disciplined fiscal management.
The press conference was attended by a high-powered cabinet delegation, including Agriculture Minister Dr M Abdur Razzaque, Education Minister Dr Dipu Moni, and Health Minister Zahid Maleque, alongside the Bangladesh Bank Governor and senior secretaries. This collective presence underscored the government’s unified approach to navigating the fiscal year’s anticipated challenges.