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Social Safety Net Allocation Faces Constraints Amid Inflation

Economic Tag: Govt.

The government’s allocation for social safety net programs is expected to see minimal growth in the next fiscal year, despite the challenges faced by low-income individuals due to soaring inflation. According to a finance ministry draft plan, social security programs are projected to receive around Tk 1.2 lakh crore, accounting for approximately 15.76 percent of the Tk 7.61 lakh crore budget for 2023-24. Although this allocation is slightly higher than the current fiscal year’s figure of Tk 1.13 lakh crore, it represents a decrease as a percentage of the total budget.

The plan aims to increase support for the elderly, widows, and destitute women, including raising allowances for these groups. However, allocations for open market sales and vulnerable group feeding programs, which assist in food procurement for the poor, will remain unchanged. Employment generation programs will receive a boost of Tk 5,000 crore.

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