PM approves Tk7.64 lakh crore proposed budget for FY24

The proposed budget for the fiscal 2023-24, amounting to Tk7.64 lakh crore, has received the nod from Prime Minister Sheikh Hasina. During the presentation of the budget allocation estimates at Ganabhaban on Wednesday evening, the prime minister advised taking appropriate steps to ensure stability in the overall economy of the country. She emphasised the importance of allocating necessary funds to continue ongoing development activities and adopting a strong fiscal policy to keep the prices of goods at a bearable level. During the meeting, the senior finance secretary presented the proposed budget and estimated the GDP growth rate at 7.5% and the inflation rate at 6.5% for the upcoming financial year. The Finance Division estimates that the upcoming budget will have a total allocation of Tk7.64 lakh crore, with Tk2.63 lakh crore allocated for the annual development programme and the remainder for the government’s operational expenditure. Of the development expenditure, Tk1.69 lakh crore will come from domestic sources while Tk94,000 crore will come from foreign aid. The remaining Tk5 lakh crore of the budget will be spent in the operational cost sector. In the budget of the current financial year, its amount was Tk4.31 lakh crore.  Operating expenditure includes Tk77,000 crore for salaries and allowances of government employees, Tk40,000 crore for purchase of goods and services, Tk1.10 lakh crore for loan interest payments, Tk1.18 lakh crore for social security, and Tk1.05 lakh crore for subsidies and incentives which the prime minister has approved.

Source: https://www.tbsnews.net/economy/budget/pm-approves-tk764-lakh-crore-proposed-budget-fy24-629658

Forex reserves cross $30b

After a continuous fall in recent months, Bangladesh’s foreign currency reserve rose slightly yesterday after an injection of $507 million as the budget support from the World Bank. The reserve rose to $30.36 billion from $29.77 billion two days ago, according to the central bank’s latest statistics. This means the reserves have fallen by about 28 per cent from the $42.20 billion seen in May last year. The reserves have been under strain for months due to higher imports against the lower-than-expected export earnings and remittances. It slipped below $30 billion after making routine payments of $1.18 billion to the Asian Clearing Union (ACU) against the imports for March-April.

Source: https://www.thedailystar.net/business/economy/news/forex-reserves-cross-30b-3316681

Denim expo begins in Dhaka on May 16

The 14th edition of Bangladesh Denim Expo will start at the International Convention City Bashundhara (ICCB) in Dhaka on May 16. “Innovator” is the theme of this year’s two-day show, according to a statement from the Bangladesh Denim Expo. Over 90 local and international exhibitors are set to attend the event to display fabrics, garments, threads, machinery, finishing equipment and accessories. The show is a true representation of Bangladesh’s denim industry, the largest denim exporter to the EU and the USA.

Source: https://www.thedailystar.net/business/economy/news/denim-expo-begins-dhaka-may-16-3316631