Economics
Money laundering threatens to render development meaningless
Former State Minister for Planning, eminent economist Dr. Shamsul Alam expressed his concern over money laundering while delivering a keynote speech at a seminar organized by the Bangladesh Agricultural Economists Association on June 20. The seminar's theme was "Bangladesh's Economy in the Global Context: Growth, Inflation, Food, and Nutrition." Dr. Shamsul Alam stated that each year, 7 to 8 billion US dollars are being laundered from Bangladesh. He identified money laundering as a significant reason behind the ongoing foreign currency reserve crisis in the country. The former State Minister also mentioned that money laundering is creating complex problems for the country's economy.
How did they accumulate so much money from national leadership positions?
Prime Minister Sheikh Hasina, at a recent press conference in Ganobhaban regarding her recent visit to India, hinted at certain wrongdoers, saying, "They have accumulated so much money, but couldn't stay in the country; What's the use of such profits?" The question is, how did they amass so much money? Did government intelligence agencies, ministries, or officials turn a blind eye when they bought acres of land from powerful positions, purchased flats worth millions in prime city areas, built resorts in various parts of the country, created vast estates in their own or their in-laws' names, or deposited hundreds of crores of taka in banks under the names of their spouses and children?
Monetary policy should focus on enhancing tax collection
The first six-month monetary policy for the upcoming financial year (2024-2025) is scheduled to be announced in the first fortnight of July. Bangladesh Bank has nearly completed the preliminary work for formulating this policy. However, there is still uncertainty regarding the specific characteristics of the proposed monetary policy.
PROGGA’s Analysis on Proposed Tobacco Tax and Price Measures
The proposed national budget for FY 2024-25, if adopted, will once again make tobacco products cheaper and more affordable. It will encourage the youth to use tobacco products, increase tobacco-related deaths and illness, and therefore spike the public health expenditure of the government. The proposed budget will cause the government to lose the chances of earning BDT 10,000 crore in additional revenues.
Citizens must be protected from uncontrolled inflation
Emeritus Professor at the Department of Development Studies, University of Dhaka Dr Atiur Rahman termed the proposed budget for the financial year 2024-25 realistic.
Budget has not utilized the opportunity of effective taxation on cigarettes: Unnayan Shamannay
Through ensuring effective taxation on cigarettes, Bangladesh could see significant reduction in cigarette use and increase in government’s revenue simultaneously. The National Budget proposed for FY 2024-25 has not utilized this opportunity. National level civil society organizations including Unnayan Shamannay worked together with national and international researchers to come up with effective cigarette taxation proposals for the coming fiscal years. While these proposals have been communicated to the Ministry of Finance and the National Board of revenue well ahead of the Budget Session of the National Parliament, they have not been adequately reflected in the proposed budget.
Money laundering in any way is never justifiable
Finance Minister Abul Hasan Mahmood Ali presented the proposed budget for the fiscal year 2024-25 in the National Parliament today (June 06). This marked Bangladesh's 53rd full-fledged budget and the 16th consecutive budget under the present government. It was also the first budget presented by Finance Minister Abul Hasan Mahmood Ali.
To what extent is the economy benefiting from the opportunity to whiten black money?
The proposed budget for the new fiscal year (2024-25) has been presented in the National Parliament. Drafting the budget for this fiscal year was a challenging task by any measure. The Finance Minister has successfully completed that difficult task.
Investments in personal accounts remain standstill
Finance Minister Abul Hasan Mahmud Ali has presented the budget for the fiscal year 2024-25 in the National Parliament. Budget allocation for the new fiscal year was indeed a very crucial task. The new Finance Minister has efficiently accomplished this task.
Control inflation and bring it down to a manageable level
Finance Minister Abul Hasan Mahmud Ali presented the proposed budget for the 2024-2025 fiscal year in the National Parliament today, Thursday, June 6. This is his first budget presentation as Finance Minister. In a country like ours, drafting the national budget is always a highly complex task. It is impossible to please all sectors equally through the budget. In the announced budget, the new Finance Minister has tried to focus on nationally significant economic issues. This is a positive aspect of the budget.
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