A Discussion on Post Budget Dialogue FY 2023-2024 hosted by the Business & Economics Forum
On June 3rd, BRAC University Business & Economics Forum (BUBeF) organized the Post Budget Dialogue FY 2023-24, an event envisioned to discern and discuss the multiple facets of the National Budget; from its implications to implementation. The event was hosted by Tania Akter, Senior Lecturer of BRAC Business School and Co-Advisor of BUBeF and graced by the presence of eminent speakers none other than Dr Salehuddin Ahmed, former governor of Bangladesh Bank; Dr Mirza Azizul Islam, former advisor to the Caretaker Government; Mominul Islam, CEO of IPDC Finance Limited; and Snehasish Barua FCA, partner, Snehasish Mahmud & Co. All in all, an ambience of fiscal cognisance, praiseworthy perceptions and farsightedness seemed to have spread throughout the Building 2 Indoor Auditorium.
Long gone was the public’s enthusiasm when the passing of the national budget used to be near, now only qualms remained among the common people regarding the appropriation of such a generous budget, to which however, Dr Islam responded by saying an ambitious budget has to be devised for a bigger and better nation, furthermore appreciating the allocation to social safety net programmes and emphasizing on export diversification. “Sceptics know the world better but they are unhappy,” Dr Ahmed remarked. He stressed how the smartness of a nation ought to be a reflection of the government’s proactivity and correct indicators of growth should be taken into account.
In addition to that, Mominul Islam put forth valuable insights and figures from the private sector, illustrating the efforts and determination to bridge the gap between the national budget and its proper utilisation. Further discussed were other underlying factors such as covid crisis, the rising of interest rates to premium amounts, leading to decreased loan repayments and non-performing loans, inflation, employment creation, budget deficit, etc. “Considering the given circumstances, as well as the election period approaching, it was a tough task on the part of the government to propose such a budget. However, such challenges reveal the actual development of a country,” concluded the CEO of IPDC Finance Ltd.
“There should be a noteworthy distinction between economic growth and inflation with a positive upswing in the former, you have to take the bull by the horns,” further stressed the former governor, frowning upon the minimum TK 2000 tax for TIN holders fearing yet another rise in tax evasion, extravagant projects by ADB, and lack of quality assurance; earnestly pointing out the need for transparency, accountability, prioritization, efficiency as well as effectiveness and proper resolutions to uphold Bangladesh’s annual financial statement. Last but not least, common welfare as emphasized by all four of the respected speakers, should be the true purpose which the national budget must strive to serve.
The Post Budget Dialogue was successful in creating an erudite experience for the audience comprising faculty members, students, and news reporters owing to the engaging prominent economic experts and business persons’ opinions in light of the national budget, its apportionment and extent of actualization midst the current economic footing.
