Bizdata Insights Main Logo

BizData Insights

16.58% of Budget Earmarked for Social Safety Net Programs

Economic Tag: Govt.

Amidst concerns over high inflation, the forthcoming budget of the government is expected to expand the number of beneficiaries and the scope of social security programs in Bangladesh. The State Minister for Finance emphasized that education, health, and rural infrastructure sectors will receive maximum allocations in this year’s budget, aligning with a set of economic reforms aimed at addressing challenges such as commodity price control, employment growth, and export product diversification.

The budget, scheduled to be presented in parliament on June 6, is anticipated to exceed Tk 7.9 trillion for the financial year 2024-2025. This budget will mark the first under the current finance minister. In this year’s budget, social safety net programmes have an allocation of Tk 1.26 trillion, which is 16.58 percent of the budget and 2.52 percent of the GDP.

Source for more details:

Related News

Govt Adopts Strategies to Mitigate Fiscal Risks

May 29, 2024

To mitigate fiscal risks, Bangladesh has implemented strategies such as risk transfer, creating fiscal buffers, and diversifying revenue sources. These measures aim to enhance stability and reduce vulnerabilities. The Finance Division suggests transferring liabilities as an effective risk reduction strategy, exemplified by recent adjustments to petroleum prices to align with international rates, which lessened the fiscal burden.

Tk 347.13 Crore Budget Gets Approved for FY 2024-25

May 29, 2024

The Parliament Secretariat Commission approved a Tk 347.13 crore budget for the Bangladesh Parliament's development and non-development activities for FY 2024-25. The approval came during the 35th meeting at Jatiya Sangsad Bhaban. This budget marks an increase from the Tk 324.67 crore allocated for the current fiscal year. Projections for future budgets were also made, estimating Tk 382.76 crore for

ADP Full Implementation Requires Tk 2,115 Crore Daily Spending

May 29, 2024

In the fiscal year 2023-24, Bangladesh faces significant challenges in implementing its Annual Development Program (ADP), with only 49.26% of the allocated Tk 2,54,351 crore utilized in the first 10 months. This marks the lowest implementation rate in the last three years. To achieve 100% implementation by June, ministries and divisions must now spend Tk 2,115 crore per day. In April, expenditure totaled Tk

Budget Prioritizes Curbing Inflation as Top Concern

May 29, 2024

State Minister for Finance announced that curbing inflation will be a top priority in the upcoming budget, with significant focus on ensuring food security. The government is providing maximum subsidies on agricultural products such as fertilizers and seeds to bolster food security. Addressing the global inflation problem, the minister highlighted the government's efforts to support food production through substantial

ADP Execution Hits Three-Year Low

May 28, 2024

The execution of the Annual Development Programme (ADP) for July-April hit a three-year low, with ministries and agencies achieving only 49.26% of the revised Tk 2.54 trillion target, according to IMED data. This is down from 50.33% of the Tk 2.36 trillion RADP during the same period in FY 2023. The government spent Tk 1.25 trillion of the allocated budget, showing a slight improvement in March after a slow

Govt Allocates Tk 1,200 Crore for Pensions for 25 Institutions

May 27, 2024

The government has decided to allocate Tk 1,200 crore in the upcoming budget for pensions of employees at 25 state-owned and autonomous institutions. These institutions had been providing retirement benefits from government funds without prior approval. Employees who joined before 1 July will receive pensions from the government fund, while those recruited after will be enrolled in the

Related News

Govt Adopts Strategies to Mitigate Fiscal Risks

May 29, 2024

To mitigate fiscal risks, Bangladesh has implemented strategies such as risk transfer, creating fiscal buffers, and diversifying revenue sources. These measures aim to enhance stability and reduce vulnerabilities. The Finance Division suggests transferring liabilities as an effective risk reduction strategy, exemplified by recent adjustments to petroleum prices to align with international rates, which lessened the fiscal burden.

Tk 347.13 Crore Budget Gets Approved for FY 2024-25

May 29, 2024

The Parliament Secretariat Commission approved a Tk 347.13 crore budget for the Bangladesh Parliament's development and non-development activities for FY 2024-25. The approval came during the 35th meeting at Jatiya Sangsad Bhaban. This budget marks an increase from the Tk 324.67 crore allocated for the current fiscal year. Projections for future budgets were also made, estimating Tk 382.76 crore for

ADP Full Implementation Requires Tk 2,115 Crore Daily Spending

May 29, 2024

In the fiscal year 2023-24, Bangladesh faces significant challenges in implementing its Annual Development Program (ADP), with only 49.26% of the allocated Tk 2,54,351 crore utilized in the first 10 months. This marks the lowest implementation rate in the last three years. To achieve 100% implementation by June, ministries and divisions must now spend Tk 2,115 crore per day. In April, expenditure totaled Tk

Budget Prioritizes Curbing Inflation as Top Concern

May 29, 2024

State Minister for Finance announced that curbing inflation will be a top priority in the upcoming budget, with significant focus on ensuring food security. The government is providing maximum subsidies on agricultural products such as fertilizers and seeds to bolster food security. Addressing the global inflation problem, the minister highlighted the government's efforts to support food production through substantial

ADP Execution Hits Three-Year Low

May 28, 2024

The execution of the Annual Development Programme (ADP) for July-April hit a three-year low, with ministries and agencies achieving only 49.26% of the revised Tk 2.54 trillion target, according to IMED data. This is down from 50.33% of the Tk 2.36 trillion RADP during the same period in FY 2023. The government spent Tk 1.25 trillion of the allocated budget, showing a slight improvement in March after a slow

Govt Allocates Tk 1,200 Crore for Pensions for 25 Institutions

May 27, 2024

The government has decided to allocate Tk 1,200 crore in the upcoming budget for pensions of employees at 25 state-owned and autonomous institutions. These institutions had been providing retirement benefits from government funds without prior approval. Employees who joined before 1 July will receive pensions from the government fund, while those recruited after will be enrolled in the

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here