I will not make extravagant promises in next budget: Salehuddin
He pledged to encourage private sector investment in the upcoming budget
Finance Adviser Salehuddin Ahmed today (25 March) said he will refrain from making any extravagant promises in the upcoming budget.
"I will not make extravagant promises in this budget. There will be no monumental projects. The budget speech will be concise — around 50-60 pages — focused on achievable goals. I will include a few initiatives that may be completed during the next government's term. If they are not executed, the people will demand accountability," he said while speaking at a pre-budget discussion with the Economic Reporters Forum (ERF).
Addressing concerns about investment hesitation among businessmen, the finance adviser pledged to encourage private sector investment in the upcoming budget.
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He stated that fostering private sector growth is crucial for increased government revenue.
The adviser outlined the primary objectives of the next budget, which will include controlling inflation, restoring economic stability, creating jobs, maintaining stable foreign exchange reserves, and fostering private sector investment.
He assured that the government would implement a business-friendly tax system.
On tax reforms, Salehuddin stated that some taxes would be rationalised in the next budget, and the revenue system would be digitalised.
However, he noted uncertainty regarding the refund of advance income tax.
He also revealed plans for expanding existing hospitals rather than constructing new ones, alongside the establishment of a forensic hospital to aid in crime investigation.
"Mega-projects will be avoided, with a focus on local employment-generating projects with maximum allocations of Tk500-600 crore," he added.
Bangladesh hopes to receive fourth tranche of IMF loan in June
At the event, Salehuddin Ahmed expressed hope that Bangladesh will receive the fourth tranche of the loan from the International Monetary Fund (IMF) this June, despite ongoing negotiations over set conditions.
"We are reviewing their conditions. If an organisation like the IMF refuses to release funds, other international financial institutions also become hesitant," he said.
Salehuddin explained that before releasing a loan instalment, the IMF set specific conditions for implementation. "We have not yet fulfilled one or two of those conditions. They are insisting on immediate implementation, but we have requested more time."
"Additionally, we have asked for two tranches to be disbursed together in June so that we receive a substantial amount at once," he added.
Finance Secretary Khairuzzaman Mozumder, National Board of Revenue (NBR) Chairman Abdur Rahman Khan, and Financial Institutions Division Secretary Nazma Mubarak were also present at the meeting.
