Finance Minister AHM Mustafa Kamal on Wednesday said upcoming national budget for 2022-23 will focus on economic recovery from uncertainties due to Covid-19 impact and Russia-Ukraine war.
“We’ll try to bring dynamism in the economy,” he told reporters while briefing about the outcomes of the Cabinet Committee on Government Purchase (CCGP).
He said that after the Covid-19 pandemic when the economy was trying to recover from the shock, the Russia-Ukraine war started which created huge vulnerabilities and uncertainties globally.
The National Budget for FY2022-23 is slated to be placed in Parliament on June 9.
Kamal said that after the Covid-19 pandemic when the economy was trying to recover from the shock, the Russia-Ukraine war started which created huge vulnerabilities and uncertainties globally.
“Every country in the world has to face the challenges of the vulnerabilities and they are under pressure”, he said adding that these uncertainties and vulnerabilities will create opportunities as well.
He, however, refused to disclose the main thrusts of the national budget. “Just wait...You will see when the budget is placed in Parliament”.
He hinted that strengthening the social safety-net programme will get a special focus in the upcoming budget.
Women and E-Commerce Trust (WE) leaders demanded to reduce the corporate income tax by 10 percentage points to 20 per cent for businesses owned by women.
Women entrepreneurs on Wednesday also urged the government to set the tax-free income limit for them at Tk 5 lakh.
The female entrepreneurs placed their demand at a roundtable organised by the Ekattor TV Dhaka Reporters’ Unity and the Women and E-Commerce Trust (WE), a platform of women entrepreneurs.
Women entrepreneurs are currently contributing a lot to the economy of Bangladesh, said Nasima Akter Nisha, president of WE.
So, women should get priority in the budget allocations, she said.
There should be allocation in the budget to take up programmes to stop child marriage, said Sayema Haque Bidisha, economics professor of the Dhaka University.
“We are also finding ways on how we can change the negative mindset about working women.”
She proposed continuation of the gender budget.
However, the professor said it should be assessed and evaluated properly to see whether the gender budget allocation is bringing any positive change to the society.
The participants of the discussion also proposed cutting the turnover tax for women-led businesses.
The 29th Chattogram International Trade Fair (CITF)-2022 begins on Tuesday after a two-year shutdown due to the Coronavirus pandemic.
Commerce Minister Tipu Munshi inaugurates the fair, organised by the Chittagong Chamber of Commerce and Industry (CCCI), on Railway Pologround in the port city.
The fair showcase the products of small and medium entrepreneurs from different parts of the country, while the big companies of the country will display their products in different pavilions to promote their products.
The CCCI sources said a modern Bangabandhu pavilion has being set up at the fair which displayed various books and publications on Bangabandhu’s autobiography and Liberation War with the help of Batighor.
About 370 stalls, including 17 premier pavilions, 33 premier stalls, 99 gold stalls, 48 mega stalls, 14 food stalls from both home and abroad displayed their products at the four lakh square feet fair.
The fair will remain open from 10:00am to 10:00pm every day.
Private sector operations of Asian Development Bank (ADB) stepped up support for the region’s response to the COVID-19 last year, according to ADB’s Private Sector Operations in 2021 - Report on Development Effectiveness.
The report also said that the lending agency dedicated 78 percent of $4.3 billion in total project and program commitments to help developing member countries manage the pandemic’s economic and social impacts.
ADB extended $3.3 billion in project and program assistance to help tackle pandemic impacts, including support for agribusinesses, private health care providers, small and medium-sized enterprises (SMEs), and transport operators, said a press release.
Over $2.8 billion was committed for COVID-19-related assistance under ADB’s Trade and Supply Chain Finance Program, including support for intraregional trade and efficient distribution of medicines and medical equipment. Total co-financing mobilized for pandemic-related support reached $5.5 billion.
“The private sector will play a vital role in helping Asia and the Pacific’s communities and economies to recover from the pandemic,” said ADB Vice-President for Private Sector Operations and Public-Private Partnerships Ashok Lavasa.
“ADB’s work with the private sector is mobilizing high-impact capital and delivering new technologies to help countries build back better, secure strong and clean economic growth, and meet their development goals.” added Lavasa.
The milestones for ADB’s Private Sector Operations Department in 2021 include pioneer investments in animal health in India, affordable housing in Georgia, support to scale up bank financing for women-led SMEs in Vietnam.
ADB Ventures made seven equity investments in early-stage businesses, with a focus on technology solutions to climate change. The Microfinance Program extended its highest-ever annual volume of loans, lending $482.5 million to microfinance institutions which on-lent the funds to 1.5 million individual borrowers.
There were 35 new projects committed in 2021, with investments totaling $1.2 billion. In line with the department’s operational plan, 80 percent of committed projects directly promote gender equality, more than half of its operations were in new and frontier markets, and over a third support climate change mitigation and adaptation. Long-term co-financing of almost $1.8 billion helped ADB achieve $2.2 raised for every $1 of its own resources.
The projects committed in 2021 are expected to deliver 1.1 million COVID-19 tests each year, reduce more than 560,800 tons of annual greenhouse gas emissions, and support over 622,200 micro, small, and medium-sized enterprises (MSMEs).
About 40 million MSMEs and 10 million farmers have been benefited from ADB’s Private Sector Operations active portfolio. These projects have also delivered more than 372.6 million antiviral medications, created almost 520,000 jobs, and is also delivering over 57,800 gigawatt hours of electricity a year.