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Budget will be 16pc bigger next fiscal year

Rejaul Karim Byron
The budget for the next fiscal year will be of Tk 291,670 crore - more than 16 percent bigger than the current outlay, finance ministry officials said.
Prime Minister Sheikh Hasina met officials of all divisions under the finance ministry yesterday to know about their progress and future plans.
Hasina said the size of the budget has been increasing every year. In fiscal 2005-06, the size of the budget was Tk 61,057 crore, which rose to Tk 250,506 crore in fiscal 2014-15, she added.
"The increase in the size of the budget has added momentum to economic growth and also reduced poverty and disparity."
Finance ministry officials said the government will start implementing the new pay scale for government employees from next fiscal year, which is the major reason behind the hike in the budget size.
The basic salaries will be raised next fiscal year, while the incentives will be offered in the following years, they said.
If the government fully implements the pay commission's recommendations, an additional Tk 10,000 crore will be required to pay basic salaries alone.
Officials of Bangladesh Bank, Bangladesh Securities and Exchange Commission, Insurance Development and Regulatory
Authority, National Board of Revenue and Economic Relations Division also briefed the prime minister on their activities and future plans.
On the recent political unrest, Hasina wanted to know whether the vehicles burnt during the blockade and shutdowns were insured, said an official who was present at
the meeting.
She was told that the owners of the vehicles take minimum insurance coverage and hence, in case of losses, they do notget compensation.
The prime minister asked the officials of Insurance Development and Regulatory Authority to make sure that all vehicles come under full insurance coverage so that they get
compensation in case of damages.
Officials of the Banking Division said they would complete automation of all state-owned banks by 2016.
An official of the finance ministry said the prime minister was ■impressed” by the activities of various divisions under the finance ministry.