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Budget deficit widens on low foreign aid, huge subsidy

Star Business Report
The government had a budget deficit of Tk 10,414 crore in the first six months of the current fiscal year due mainly to low foreign aid and higher expenditure on subsidy.
During the same period last year, there was a surplus ofTk 1,951 crore.
The information was revealed in a report on budget implementation and macro-economic scenario in the first six months of the current fiscal year placed in parliament by Finance Minister AMA Muhith yesterday.
While presenting the report, the finance minister also criticised different professionals, saying: “Among the professionals some take pleasure in exaggerating things.”
"Whenever these people get a bad news, they eagerly take the opportunity and without considering any pros and cons, make an instant negative comment.”
Muhith also said, though these comments help warn the government, the disappointing reaction is unwanted and harmful for the society and the country's image.
According to the report, in the first six months the government had to repay more than the foreign aid it received, resulting in a deficit of foreign aid by Tk 350 crore.
The government estimated in the budget that during the current fiscal year it would receive foreign aid ofTk23,623 crore.
However, in the first six months the government received Tk 2,403 crore, but repaid Tk2,753 crore.
The government's target for non-bank borrowing was Tk 8,251 crore in the cur-
rent year, but in the first six months it could not borrow a single taka and it had to repayTk6,661 crore.
As a result, the government had to borrow a huge amount from the banking system to make the deficit financing and release the subsidy during the first six months.
The government borrowed Tk 17,425 crore from banks during the period, while the amount was Tk4,305 crore in the same period last year.
The finance minister said expenditure of government resources increased in the annual development programme (ADP) but utilisation of foreign aid did not rise in line with expectations.
“The Economic Relations Division, the planning ministry and other ministries have taken coordinated initiative to implement foreign aid projects. I myself have held meetings with all ministries. I hope, in future the pace of implementation will go up,” Muhith said.
The minister also said, in the first six months ADP implementation was 27.6 percent of the total allocation and project aid implementation was only 17 percent -- lowest in last four years.
Muhith said the ADP was cut by Tk 5,500 crore to bring it down to Tk 40,500 crore. Of the amount, Tk 24,405 crore will come from domestic resources and Tk 16,095 crore from foreign aid.
The minister hoped inflation will come down in the coming days. He said satisfactory food production, a tight monetary policy and possibility of a fall in fuel prices on the international market are among the reasons behind the expectation.