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Cabinet Approves Bangladesh's National Budget for 2023-24 Fiscal Year, Focusing on a Smart and Prosperous Future

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Salman Akhtar
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Cabinet Approves Bangladesh's National Budget for Smart and Prosperous Future <br> Image Credit: Alluring World

The Cabinet of Bangladesh has given its approval to the proposed national budget for the fiscal year 2023-24. The meeting, chaired by Prime Minister Sheikh Hasina and attended by President Mohammed Shahabuddin, took place at the National Parliament. Following the Cabinet's approval, President Shahabuddin is expected to sign the proposal. Finance Minister AHM Mustafa Kamal will then present the national budget, amounting to over Tk7,61,000 crore, to the Jatiya Sangsad (National Parliament). The budget's central objective is to transform Bangladesh into a happy, prosperous, and developed Smart Bangladesh by 2041. This marks the 52nd budget of the country and the 24th under the Awami League government in its five terms.

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Presenting the National Budget

Finance Minister AHM Mustafa Kamal will present the national budget for the fiscal year 2023-24 in the presence of Jatiya Sangsad Speaker Shirin Sharmin Choudhury and Prime Minister Sheikh Hasina. The budget, amounting to over Tk7,61,000 crore, reflects the government's vision to steer Bangladesh towards becoming a smart and prosperous nation. It outlines the allocation of funds across various sectors, highlighting the government's priorities and strategies to achieve sustainable development and inclusive growth.

A Vision for a Smart and Prosperous Bangladesh

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The primary philosophy underlying the proposed budget is to transform Bangladesh into a smart and prosperous nation by 2041. This vision aligns with the government's long-term development plan, which aims to establish Bangladesh as a developed country within the next two decades. The budget focuses on key areas such as infrastructure development, education, healthcare, agriculture, industry, and technology to drive economic growth, improve living standards, and enhance the overall well-being of the population.

Continuity of the Awami League Government's Budgetary Policies

This budget for the fiscal year 2023-24 represents the 24th consecutive budget of the Awami League government, which has been in power for five terms. The continuity of budgetary policies reflects the government's commitment to its long-term development agenda. Over the years, the government has implemented various initiatives and reforms to strengthen the economy, reduce poverty, and promote social progress. The proposed budget builds upon these foundations to propel Bangladesh forward on its path towards development and prosperity.

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Timeline and Expectations

The budget proposal is expected to be presented in the Jatiya Sangsad on June 26, slightly earlier than usual due to the upcoming holidays of Eid-ul-Azha. The presentation of the budget will be followed by thorough discussions and debates in parliament before its final passage. The budget's approval will enable the government to implement its plans and allocate resources to various sectors, ensuring the effective implementation of development programs and policies.

Promoting Sustainable Development and Growth

The national budget for the fiscal year 2023-24 reflects the government's commitment to sustainable development and inclusive growth. It seeks to address the country's socioeconomic challenges, promote investment, create employment opportunities, and enhance social welfare. Through strategic allocation of funds and implementation of targeted initiatives, the government aims to harness the full potential of Bangladesh's resources and human capital, driving the nation towards a prosperous and resilient future.

InclusiveGrowth FiscalYear2023_24 BangladeshNationalBudget Prosperity2023
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