Finance minister AMA Muhith yesterday said the budget for the local government bodies would have to increase aiming to strengthen the institutions that could play an important role in reducing poverty. "The local government bodies now spend only 2 per cent (of the national budget), which was earlier 10 per cent," he told a seminar on urban poverty at LGED auditorium in the capital.
A meeting of the local government ministry on Monday approved a budget of around Tk 300 crore for district councils for the 2009-10 financial year.
Newspaper Owners' Association of Bangladesh (NOAB) has issued the following statement: The proposed budget has provided for imposition of five per cent tax on import of newsprint. But in effect, the actual tax will stand at over eleven and a half per cent.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) today supported the provision in the proposed budget for fiscal year 2009-10 to allow whitening of black money in exchange for payment of 10 percent tax.
The provision for whitening undisclosed money in the proposed budget for the fiscal year 2009-'10 is 'a political compromise', said the finance minister yesterday, after several organisations scathingly criticised the government's move.
The budget envisages that employment opportunities for about 700,000 people would be created during the next fiscal year apart from providing employments for 49 lakh man-months for the hardcore poor.
The budgetary provision for whitening black money has been the outcome of political compromise, rather than ethical considerations, by the political leadership of Awami League-led ruling alliance.
The proposed budget for FY 2009-10 is "ambitious" in terms of policies but "conservative" regarding macroeconomic projections, says the Centre for Policy Dialogue (CPD).
Finance Minister AMA Muhith has said the new national budget is not just a statement of income and expenditure of the government rather it is an instrument through which we would ensure growth, poverty reduction and achieve the macroeconomic fundamentals as per the earlier election pledges of the Awami League-led grand alliance government.
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