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.

Finance Minister AMA Muhith announces national budget at the parliament on Thursday.

"With a view to taking country's economy to the higher trajectory of growth, we have to come out from the vicious poverty cycle by bringing a qualitative change in the investment strategy. In order to attain such higher growth, investment in infrastructure development, especially power and energy, ports, communication, supply of drinking water and waste management, education and health will be given highest priority," he said this while delivering his budget speech in the parliament on Thursday.

This, the first budget of the Awami League-led grand alliance government comes in the backdrop of global recession. The Prime Minister and Leader of the House Sheikh Hasina was present in the parliament while opposition leader and BNP chairperson Khaleda Zia remained absent as BNP has been boycotting the budget session over a seating dispute.

AMA Muhith observed that since the implementation and funding of any infrastructure development projects is a long drawn process and the investment risk is much higher as well as is not, in many cases, commercially viable.

"We are going to take special initiatives to involve the private sector under Public Private Partnership (PPP) to meet the probable investment gap in infrastructure development and maintenance, alongside the government's investment. We trust that successful application of PPP concept will open up the door for increased flow of investment from both local and foreign investors. This will accelerate economic growth," he hoped.

Referring to the need to keep the negative impact of global recession at a minimum level on the remittance flows in mind, the Finance Minister mentioned some strategies of the new government that include: rehabilitation of the jobless returnee expatriate workers, continuation of diplomatic initiative to prevent retrenchment of workers, exploration of new labour markets abroad and making the National Skill Development Council more effective.

"The budget for Financial Year 2009-10 has been formulated keeping in mind the need to maintain macroeconomic stability in the context of current global economic meltdown, achieving desired economic growth to fulfill our election pledge and contributing to poverty reduction. With regards to these, we have attached priority to massive employment generation, enhancement of social safety net, creation of self-employment, reduction of regional disparity, increasing emphasis on agricultural development, achieving the target of power generation, acceleration of industrialization and building necessary infrastructure for Digital Bangladesh".

Muhith said in the proposed budget, the government has given highest priority to overall agriculture and rural development sector as 48 percent of our labour force is engaged in this sector with a target to ensure food security for our citizens through developing the agriculture sector by 2012.

The government's initiatives would increase irrigation facilities by protecting more areas from flood and continue the efforts for river protection, reduction of risk of salinity and maintenance dredging, he added.

The Finance Minister assured that the industries affected by the economic melt-down will be given various support packages on a case-to-case basis to keep them afloat and in competition and until alternative arrangements are made for the likely displaced workers an SOE will not be closed.

In his budget speech, AMA Muhith was also very vocal to ensure the trial of the Bangabandhu murder case and killings of four national leaders in jail.

"In order to establish rule of flaw in the country, these trials have to be completed fairly. We are reviewing the 5th amendment of the Constitution and based on that review we are planning necessary measures, including possible amendment of the Constitution" he continued, "We shall in no way tolerate any extra judicial killing. All such incidents will be subject to judicial investigation."

Many other socio-cultural and political issues were also mentioned in his speech. He sought all out cooperation to build up a sonar Bangla earlier dreamt by the father of nation Bangandhu Sheikh Mujibur Rahman.

- The Bangladesh Today