Finance Minister Amir Khosru Mahmud Chowdhury on Monday proposed a revised budget for the current fiscal year ending 30 June, slashing Tk2,000 crore from the original budget.
The reduction in spending in the supplementary budget is aimed at recovering from the prolonged economic crisis, weather the inflation shock, and prevent the wastage of funds, the minister said while addressing a session of the National Parliament.
Last year, the interim government had estimated Tk7.90 lakh crore net spending in the budget for the fiscal year 2025-26. However, due to a slowdown in the implementation of the Annual Development Programme (ADP) in the months before the 12 February general elections, much of the estimated sum stayed unspent, Amir Khosru told the parliament.
In this backdrop, it can be proposed that the public spending be reduced to Tk7.88 lakh crore in the supplementary and revised budget, the finance minister noted.
He also proposed total deficit of Tk2 lakh crore, equivalent to 3.3% of the GDP, in the revised budget.
He stressed that the government is prioritising reviving the national economy by weathering the simultaneous shocks from the long-standing structural weaknesses in the economy, and the Middle East tensions.
To this end, austerity in the administrative expenses, cuts in non-essential outlays, and prevention of fund wastage in every stage of government spending are being pursued, Amir Khosru added.
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