Bangladesh’s national budget of BDT 7,97,000 crore (USD 74.3 billion) for the fiscal year 2024-25 was approved by the parliament yesterday, 30 June 2024, targeting a GDP growth rate of 6.75 % and aiming to maintain annual inflation at approximately 6%.
Abul Hassan Mahmood Ali, Finance Minister, presented the Appropriations Bill 2024, requesting a budget allocation of BDT 12,41,752 crore (approx. USD 112.89 billion).
Earlier, the Cabinet of Bangladesh approved the proposed national budget for FY 2024-25 on 6 June, 2024.
Announced by Abul Hassan Mahmood Ali, Finance Minister, on the same day it received the presidential authentication in the parliament, the budget looks to restore macroeconomic stability, reduce inflation, and contain pressure on foreign currency reserves.
The budget for the 2024-25 fiscal year also includes an Annual Development Programme (ADP) of BDT 2,65,000 crore (USD 24.74 billion), which the National Economic Council (NEC) has already approved.
The transport and communication sector received the highest allocation, totaling BDT 70,687.75 crore (USD 6.52 billion), or 26.67% of the ADP.
The Local Government Division received the second-highest allocation, at approximately BDT 38,809 crore (USD 3.63 billion), or 15% of the total ADP.
The FY2024-25 budget is projected to increase by just 4.6%, a modest increase compared to the 12.35% rise seen in the current 2023-24 budget over the previous year.
