Bangladesh sets contractionary budget, cuts growth target
Amid global financial uncertainty and a severe dollar dearth, Bangladesh is set to rely on borrowing from the banking sector and to use foreign debt for development works.
MikeTyes
Amid global financial uncertainty and a severe dollar dearth, Bangladesh is set to rely on borrowing from the banking sector and to use foreign debt for development works.
June 11, 2024
Amid global financial uncertainty and a severe dollar dearth, Bangladesh has proposed a contractionary budget in the parliament for the fiscal year 2024-25, starting July 1, 2024.
It is also expecting a high dependence on borrowing from the banking sector and to be reliant on foreign debts for development works.
Bangladesh’s finance minister, Abul Hassan Mahmood Ali, placed the budget on June 6, however, it has been widely criticised for lacking effective plans to cut down inflation which has remained close to 10% for over a year, causing severe hardship for lower-middle-income groups of people, as the situation...
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