The Bangladesh Knowledge Forum (BKF), at its monthly meeting on Sunday, outlined its views on the forthcoming Budget 2023. BKP expects that the budget will aim at achieving the following objectives: accelerating inclusive growth to meet current and prospective FYP targets, the efficiency of key sectors (priority to education, agriculture, ICT) to support growth, Food Security, broadening revenues base to elevate proportion of revenues to 15% of GDP, entrepreneurship and skills expansion programs in urban and rural areas and improved competitiveness of public sector institutions.
Chaired by BKF president economist Parvez Imdad and co-chaired by BKF vice-president Niaz Rahim, the meeting underscored a need for concrete initiatives in gearing up the implementation of the Annual Development Program (to 95%), revitalizing the financial sector with monetary policy adjustments and increased accountability, expenditure rationalization and a significant reduction in project cost escalation, reduced external borrowing and monitoring debt, elevated incentives for increased local and foreign investment, and broadened Social Protection and Safety Nets.
The budget should also highlight policy and fiscal incentives for the key growth drivers, i.e. stimulating overseas remittances and RMG exports. Bangladesh Knowledge Forum also suggests enhanced budgetary thrust on knowledge-driven institutional improvements for the public sector and mechanisms for improved and efficient delivery of goods and services in rural and urban areas. There is a need to strengthen economic and financial monitoring and surveillance to check probable fiscal slips, and unauthorized flight of resources and to promote domestic economic resilience to cushion the impact of external shocks.
BDST: 2315 HRS, MAY 09, 2023
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