BD national budget 2011-2012

Finance Minister AMA Muhith places the proposed budget for the 2011-2012 fiscal in the Jatiya Sangsad (JS) today (Thursday). The total outlay of the proposed budget is likely to be around at Tk 1.64 trillion, up by 24.25 per cent or Tk 320 billion from that of the original budget of the outgoing fiscal.

The new budget is expected to address a few major challenges such as the rising inflation, widening budget deficit, mobilization of more domestic resources, ever-increasing subsidy component and slowdown in domestic as well as foreign investments.

The budget for fiscal 2011-12 will be Mr. Muhith's third budget as the finance minister of the incumbent government.

Though the point-to point inflation rose to 10.67 per cent in April this year, showing no sign of abating in the near future, the financing minister, according to sources, will make the inflation projection at 7.5 per cent for the upcoming fiscal.

The size of the annual development programme (ADP) for 2011-2012 has been fixed at Tk 460 billion, up by about 16 per cent or Tk 108.70 billion from the original ADP for the current fiscal year.

The target for revenue collection is likely to be set at around at Tk 1.18 trillion for 2011-2012 fiscal. Of the total, target for NBR revenue will be Tk 918.70 billion, while the rest will be mobilized from non-tax and non-NBR sources, officials said.

The proposed budget is likely to increase fees in some areas falling under non-tax and non-NBR tax revenue heads. The fees for passport, renewal of passport, driving license, land registration etc., are likely to be raised in the proposed budget.

AB Mirza Azizul Islam, former finance Adviser to the immediate past caretaker government, talking to the FE said tackling the problem of high inflation will be the first and foremost challenge for the finance minister. The second, he said, will be allocation of adequate resources for the safety-net programmes, meant for the poor and underprivileged segment of the society. And the third, according to him, will be the reversing the declining trend in both local and foreign investments with a view to generating more employment opportunities.

"High Inflation, bigger investment, declining foreign aid, pressure on balance of payments and declining remittance inflow would obviously emerge as major challenges for Muhith in the next budget," Dr. Islam said.

He said the government has to address the problem of slow implementation of the ADP and encourage the private sector investment to stimulate the economy as a whole.

According to the latest information, budget deficit in the coming fiscal has been estimated at around Tk 453 billion, which is equivalent to five per of the GDP. The deficit would be met through foreign loans of Tk. 180 billion and borrowings amounting to Tk 201 billion and Tk. 70 billion respectively from banking system and non-bank sources, reliable sources said.

The proposed budget is likely to offer tax benefit to small and medium enterprises, introduce National Insurance policy for elderly people, amalgamate Customs house (import) and Customs House (Export) in Chittagong, and raise the allowance for freedom fighters and beneficiaries of social safety net programmes.

Besides, the Value Added Tax (VAT) on mobile SIM is likely to be reduced from Tk 800 to Tk 600. The tax-free income level will be raised from Tk 165,000 to Tk 180,000. VAT on cigarettes might be increased by 2.0 to 3.0 per cent, while customs duty on LPG is likely to be reduced.

The proposed budget for 2011-2012 is likely will bring about no changes in the corporate tax slabs. The zero duty for importing food items is expected to continue. Interest rates of savings certificates are likely to be raised and the tax holiday facility is likely to continue up to 2013.

Money whitening facility in any form will not be offered in the budget, a source confirmed.

Mustafizur Rahman, executive director, Centre for Policy Dialogue (CPD) said additional resource mobilization, arresting inflation and raising the investment are three major challenges for the government.

"Additional resource mobilization using both tax and non-tax sources should get top most priority in the budget," Mustafiz told the FE.

"Addressing the challenge of combating high inflation through appropriate fiscal measures and higher production and productivity will be the next challenge," he added.

The Padma Bridge Tender

The communications minister, Syed Abul Hossain, Sunday brushed aside speculation about delay in starting construction work of the long-cherished Padma Multipurpose Bridge saying tender for the bridge would be invited this month.

Donors have so far confirmed $2.65 billion and Japan’s commitment of financing to the project would not be delayed despite ongoing crisis, he told a workshop at a hotel in the city.

The workshop was organised on a feasibility study of the Asian Development Bank on Bus-Rapid Transit system.

Among others, secretary of Roads and Railways Department M Mozammel Haque Khan, chief engineer of Roads and Highways Department M Sahabuddin, ADB city transport specialist David Margonsztern and project director of Dhaka Sustainable Urban Transport Corridor Project M Aminur Rahman spoke.

Abul Hossain said work on river training of the Padma Multipurpose Project had already started while compensating of affected people at the construction site and building infrastructure at resettlement site were nearing completion.

He informed the workshop that $190 million would be invested for the proposed BRT in which the ADB would give $125 million and the remaining finance would come from other donor agencies.

A loan agreement on the project would be signed with donor agencies by January next, he said adding that necessary works including design and tender would be done ahead of the agreement.

Abul Hossain said the government was planning to form a separate body titled ‘Dhaka Mass Transport Authority’ comprising all projects taken to meet the growing demand for transport needs in the city.

The minister said 26-km elevated expressway from Airport to Dhaka-Chittagong Highway-Kutubkhali would start this month.

Listing various steps taken by the government, he said traffic jam in the capital would be reduced to a large extent during the government’s tenure as a number of projects are being implemented to that end.

The minister said Dhaka city would be freed from traffic jam once Kuril flyover, Mayor Hanif flyover, Mirpur-Airport flyover, elevated expressway, metro rail and bus rapid transit are implemented.

Bangladesh’s pop guru Azam Khan Died

Bangladesh's pop guru Azam Khan Died today Sunday 5th June 2011 in CMH Dhaka. He was the Pop King “Pop Guru” of Bangladesh. He start the band music trend in Bangladeshi Bangla(Bengali) Music.

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Hospital Pharmacy and Pharmacist Community

These 10 guidelines will help you to take your medication the right way. Are you making any of these mistakes? 1. Taking an OTC Remedy Without Reading the Label When it comes to over-the-counter drugs, many people have a blasé attitude, thinking "They c...an't really hurt me, right?" Wrong. Plenty of people end up with serious health problems from accidentally taking too much of an over-the-counter drug (such as a painkiller), overusing drugs such as laxatives or acid blockers, or taking something that interferes with another medication they're on. No matter how innocuous a drug may seem, it's always smart to read the label. It might surprise you. 2. Taking Sedatives if You Have HeartburnPeople who took prescription drugs called benzodiazepines (Valium, Xanax, Halcion) to fall asleep were 50 percent more likely to have heartburn at night than those who didn't in one large survey. Other research has shown that these prescription antianxiety drugs loosen up the lower esophageal sphincter, the ring of muscle that keeps stomach acid where it belongs. 3. Taking an Antidiarrheal if You Have a Fever Never treat yourself at home with a diarrhea remedy if you also have a fever or if there's blood or mucus in your bowel movements. These are signs of an infection and warrant a call to your doctor. 4. Taking a Daily Aspirin without Asking Your Doctor Some people shouldn't take aspirin every day, especially since it can cause stomach bleeding. Doctors usually recommend it only for people who have an increased risk of heart attack and stroke. Women may not benefit as much from aspirin therapy as men. And some people appear to be resistant to aspirin's anticlotting effects. (Tests are available to check for aspirin resistance, though some doctors question their accuracy). 5. Quitting an Antianxiety Med Cold Turkey If you've been taking an antianxiety medicine for a long time, do not quit abruptly. Talk to your doctor about how to gradually taper the dose. Otherwise, you could experience very serious complications such as seizures. 6. Using Old Antibiotics for a New Infection First, you should have finished the entire prescription the first time around. Second, many antibiotics are specific to the type of infection you have. Taking the wrong antibiotic might not work and can lead to antibiotic-resistant bacteria, making treatment for that type of infection more difficult the next time. 7. Taking an Antipsychotic Without Asking Why You Need It ??Don't accept a prescription for an antipsychotic drug if you don't have schizophrenia or other severe mental illnesses like psychosis without asking your doctor "why this drug?" A study published in the Journal of Clinical Psychiatry and sponsored by the National Institutes of Health found that the majority of people prescribed these drugs didn't have schizophrenia or other severe mental disorders for which the drugs are approved. Instead, they had conditions like depression, anxiety, or post-traumatic stress disorder that could be managed with safer, less-expensive medications. Although some antipsychotics are labeled for use in depression, they should be used as a last resort if typical antidepressants don't work. 8. Taking Calcium on an Empty StomachThe calcium in most supplements is bound to a form of salt called carbonate. Your stomach needs plenty of hydrochloric acid to break down calcium carbonate, so always take your supplement with a meal or snack. Food will cause your stomach to produce the acid. 9. Stopping Your Medication Don't skimp on eczema medicine. In one study, researchers found that about 65 percent of parents stopped applying prescription ointments to the skin of kids with eczema just 3 days after it was prescribed. To get the most out of your eczema treatment, use it exactly as your doctor prescribes. 10. Diagnosing Your Own Yeast Infection Yes, the itching and discharge could be a yeast infection — but it might not be. In one study of 95 women who diagnosed themselves, testing showed that just a third actually had a yeast infection; the rest had various other vaginal infections. Pay a visit to your doctor for the correct diagnosis.
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