An ordinary budget during an extraordinary time: CPD Budget Dialogue 2024
Centre for Policy Dialogue (CPD)
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The National Budget for FY2024-25 is an ordinary budget presented during extraordinary times. Unfortunately, it falls short of addressing the ongoing economic concerns with effective measures. The strategies proposed to curb inflation and provide relief to the poor and fixed-income individuals are insufficient.
The budget for FY2024-25 has been presented by the finance minister of the new Government. This is also the last budget of the Eighth Five Year Plan of Bangladesh. The FY2024-25 budget has been prepared amidst significant economic challenges which the country has been experiencing for almost two years.
The budget for the power and energy sector failed to meet the required allocation for energy sustainability and transition in the country. It needs to be structured with a focus on these two areas. Without proper planning, allocation, implementation, and monitoring, neither energy sustainability nor transition will be achieved.
Amidst the ongoing socio-economic situation, the national budget 2024-25 was supposed to ensure stability, protection and reform for the left-behind population of the nation. The budget should have prioritised public services for the marginalised groups and supported them to cope with high commodity prices, along with addressing the rising inequality with fiscal policy tools, restoring macroeconomic stability while protecting economic growth and employment prospects.
The performance of the Bangladesh economy in the first ten months of FY2023-24 indicates that despite some positive policy measures by the Bangladesh Bank, ongoing challenges will persist in the remaining months. Policy outcomes take time to materialise, and their effectiveness relies on complementary policies in other areas.
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