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BEA terms budget ’pro-people’

Star Business Report
Economists praised the proposed budget for fiscal 2010-11, saying it is a 'pro-people budget' and has provided a guideline to growth.
Bangladesh Economic Association (BEA), the apex forum of economists, made the observation yesterday at its office.
“It's a positive budget, having growth momentum,” BEA President Dr Abul Barkat told reporters at the briefing.
The finance minister has balanced the requirements of the economy, keeping in mind the necessities, including energy, infrastructure, safety nets, price control and providing fallow land for the landless, said Barkat.
“Also, there are downside risks that need to be addressed in the final budget."
According to the BEA, the risks are: a high cost of doing business, implementation of the development
programmes, a lack of inter-ministerial coordination, the law and order situation, corruption and implementation of social safety net schemes.
BEA's observation came three days after the present Awami League-led government placed its second budget in parliament on June 10.
Dr Towfique Ahmad Chowdhury, general secretary of BEA, read out the 16-page 'reactions and recommendations on the budget'. Other office bearers of the association were present.
Earlier, the BEA submitted 64 recommendations at a pre-budget meeting with the standing committee on the finance ministry. Also, the association presented 73 recommendations at a pre-budget press conference.
“Many of our recommendations were adopted in the budget,” Barkat said.
The finance minister projected a 6.7 percent economic growth rate for
the coming year. According to estimates in the budget, the investment to GDP ratio would reach 32 percent from the present rate of 24.2 percent and inflation will be contained within 6.5 percent next year. Analysts said the growth will depend largely on how the government addresses the energy and infrastructure constraints.
“I hope there will be some radical improvements in the coming year in power generation,” said the BEA president.
The government projected that it would generate 1,000-1,500 MW of electricity in 2010-11.
“But the cost of the electricity will increase significantly, as it will be rental,” said Barkat. He said a unit of electricity generated by furnace oil will cost Tk7.21, while it will be Tk 12.74 in the case of generation by diesel.
BEA believes the proposed Tk 132,170 crore budget matches the trends and inflation rate. This budget outlay is nearly 20 percent higher
than the revised one.
On higher revenue expenditure, the BEA said it is natural because the new pay scale for the government employees will be implemented fully in the coming year. Higher payments for interest and subsidies to farm and power sectors will push the nondevelopment costs up, it said.
On deficit financing, the association said it will not fuel inflation if the money were used for the productive sectors.
It suggested the government supervise and monitor the annual development programmes (ADP) strictly and regularly to see better implementation. It proposed formation of a taskforce to monitor the ADP of 10 large ministries that account for nearly 77 percent of the total spending.
The association also hailed the government for its decision to distribute fallow land to the landless. But it said a land reform commission should be formed in this regard.