Muhith happy with macro economic indicators

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SANGSAD BHABAN : Finance Minister AMA Muhith today expressed satisfaction over the current state of basic macro economic indicators in regard to GDP growth, export-import progress, inflation rate, foreign currency reserve and foreign exchange rate.

“Bangladesh has achieved 7.11 percent GDP growth, the highest in the contemporary history, in 2015-16 fiscal. The GDP growth target in the current fiscal has been fixed at 7.2 percent,” he said.

The finance minister’s approval came when placing the report on ‘Macro economic analysis, trend of income and expenditure and budget implementation progress of the first quarter (July-September) of the current 2016-17 fiscal’ in the Jatiya Sangsad.

He said the tax realization rate under the National Board of Revenue (NBR) has been increased to 17.94 percent in the first quarter of the current 2016-17 fiscal than that of corresponding period in the last 2015-16 fiscal.

The ADP implementation rate during the first quarter of the current fiscal has been increased to Taka 9,767 crore which was Taka 6,502 crore during the corresponding period in the last fiscal, he added.

The minister said that the foreign currency reserve of the country stood at about $31.4 billion till September 30, 2016.

He said the government has earned Taka 43,597 crore revenue during the first quarter of the current fiscal, which is 17.97 percent of the target fixed in the current (2016-17) fiscal.

The total expenditure of the first quarter of the current fiscal is 15.49 percent compare to first quarter of the past 2015-16 fiscal.

The finance minister said the budget deficit in the current fiscal has been estimated at Taka 97,853 crore, which is 5.0 percent of GDP.

Besides, he said at the end of the first quarter of the current fiscal, the credit growth has stood at 15.03 percent against the target of 16.5 percent.

In the banking sector, he said the call money rate has decreased to 3.34 percent till September in the current fiscal due to existence of adequate liquid money with banks. However, the call money rate during the first quarter of the last fiscal was 5.71 percent.

Expressing satisfaction over the current state of inflation rate in the country, Muhith said the rate of inflation has stood at 5.71 percent in September (2016) current fiscal, which was 6.24 percent in September 2015.

He informed the House that the total export income in the country has reached $8,079 million during the first quarter of the current (2016-17) fiscal which is 4.12 percent more than that of the corresponding period of the last (2015-16) fiscal.

Besides, the remittance flow of the country during the first quarter of the current fiscal was $3,232 million. The flow during the corresponding period on the last fiscal was $3,934 million.

The finance minister said the country has witnessed a trade deficit of $ 2,3,66 million during the first quarter of the current fiscal, which was $1,1,22 million during the corresponding period in the last fiscal.

Besides, the finance minister in his report highlighted progress achieved in the first quarter of the current fiscal on education, health, power and energy, infrastructure development, agriculture and rural development, expatriate welfare and industries sectors.

The minister observed that considering the ongoing progress, Bangladesh would be turned into a developed country with united efforts and the prudent leadership of Prime Minister Sheikh Hasina.

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