Inside Economy

US business delegation in Bangladesh to explore opportunities

Publish: 09:41 AM, 09 May, 2022


A delegation from the United States, members of the US-Bangladesh Business Council, is visiting Bangladesh till 11 May to explore economic opportunities between the two countries.

Over 25 executives from across sectors like digital, energy, financial services, insurance, and agriculture are part of the executive business delegation.

The delegation of global business leaders is scheduled to meet Foreign Minister Dr AK Abdul Momen at Foreign Service Academy Monday afternoon.

US Ambassador to Bangladesh Peter Haas had a brief interaction with it Sunday.

Senior officers of the US Embassy in Dhaka and the United States Agency for International Development (USAID) Bangladesh shared their briefing on high-level opportunities for stronger Bangladesh-US economic and commercial ties.

The purpose of the council's first trade mission to Bangladesh is to renew old friendships and explore opportunities for new partnerships, said Jay R Pryor, vice-president (business development), Chevron.

Pryor, also inaugural board chair of the US-Bangladesh Business Council, said the US companies want to contribute to Bangladesh's impressive economic development.


Bangladesh   Foreign investments   Bangladesh-US relationship   Business opportunities  


Inside Economy

Cigarette price to go up

Publish: 04:58 PM, 09 Jun, 2022


The government plans to push the price of cigarettes up in a bid to reduce the consumption of tobacco products and maximise revenue collection from this sector.

Finance Minister AHM Mustafa Kamal made the announcement while reading out the budget for the 2022-23 fiscal year on Thursday.

As per the minister's proposal, the minimum price for 10 sticks of low-tier cigarettes will be set at Tk40 (Tk1 increase from previous fiscal), with a supplementary duty of 57%.

Meanwhile, the minimum price of mid-tier cigarettes will be set at Tk65 (Tk2 hike), high-tier cigarettes at Tk111 (Tk9 hike), and premium tier cigarettes at Tk142 (Tk7 hike), with a supplementary duty of 65% for these tiers.  

However, the government has decided to keep the existing prices of bidi unchanged.

Currently, the minimum price of 25-stick handmade bidi is Tk18, 12-stick bidi cost Tk9 and 8-stick bidi Tk6 – with a supplementary duty of 30% for all three.

The price of filter-tipped bidi is Tk19 for 20 sticks and Tk10 for 10 sticks, with a supplementary duty of 40% for both.

Also, the prices of Jarda – Tk40 for 10gm, and Gul, Tk20 for 10gm – are to remain the same with a supplementary duty of 55% for both.

Budget   Bangladesh   FY 2022-23   Cigarette Price Hike  


Inside Economy

Budget FY 23: Revenue collection target sets at 4,33,000 crore

Publish: 04:42 PM, 09 Jun, 2022


The government has fixed Tk 4,33,000 crore as revenue collection target for the fiscal year 2022-2023.

Of this, NBR will collect Tk. 3,70,000 crore and another Tk. 63,000 crore will be collected from other sources.

Finance Minister AHM Mustafa Kamal proposed the revenue collection target while placing a Tk 678,064 crore national budget in parliament on Thursday.

In revenue collection, the National Board of Revenue (NBR) accounts for the major share. Therefore, over the last 13 years of this government, a number of reform initiatives have been taken to augment revenue collection, said the minister.

As a result, government revenue collection has increased significantly, adding whereas, the NBR tax collection in FY2008-2009 was Tk. 52,527 crore, the amount has increased to Tk. 2,59,882 crore in FY2020-2021.

“Though the new VAT law has been implemented since July 2019, its initial hiccup and Corona virus-induced shocks have contributed to slow increase in revenue collection. For that reason, we have started installing Electronic Fiscal Devices in business firms in order to increase VAT collection,” he added.


Budget   Bangladesh   FY 2022-23   Revenue Collection  


Inside Economy

Inflation target set at 5.5% in the proposed budget

Publish: 04:21 PM, 09 Jun, 2022


Finance Minister AHM Mustafa Kamal today presented a national budget of Tk 678,064 crore for the 2022-23 fiscal year. In the proposed budget, the inflation target has been set at 5.5 percent.

The Finance Minister presented the proposed budget for the 2022-23 fiscal year in the Jatiya Sangsad at 3 pm on Thursday titled “Overcoming the Impact of COVID and Returning to the Continuity of Development”. This is the fourth budget of the third consecutive term of the government led by Prime Minister Sheikh Hasina.

In the presence of Prime Minister Sheikh Hasina, chaired by Speaker Dr. Shirin Sharmin Chaudhury, the Finance Minister started his speech by presenting the proposed budget.

The Finance Minister said this year’s budget will focus on poverty-friendly and inclusive growth to ensure equality and fairness in society. The emphasis will be on controlling inflation.

In the current 2021-22 fiscal year, despite various challenges, it has been possible to keep inflation limited to 5.6 percent, he said.

This will be the country’s 51st budget and the 23rd of the Awami League government in five terms. This would also be the 4th national budget in a row to be placed by Finance Minister AHM Mustafa Kamal.

Budget   Bangladesh   FY 2022-23   Inflation  


Inside Economy

31.42 lakh metric tons’ food grains to be collected in 2022-23 FY

Publish: 04:02 PM, 09 Jun, 2022


Finance Minister AHM Mustafa Kamal has set a target of procuring 31.42 lakh metric tonnes of food grains from internal sources in the coming 2022-23 fiscal year.

This information was given by the Finance Minister while presenting the budget for the fiscal year 2022-23 in the National Assembly on Thursday (June 9).

Prime Minister Sheikh Hasina was present in the session presided over by the Speaker of the National Assembly Dr. Shirin Sharmin Chowdhury.

The Finance Minister said, "We will continue to buy and sell rice and wheat under government management to ensure food security in the new financial year." Therefore, we have set a target to procure 3.142 million metric tons of food grains from internal sources.

On the other hand, the budget has set a target of 30 lakh 95 thousand metric tons of food grain distribution at the same time. He also said that the government is working to increase the storage capacity of food grains at the government level to ensure food security.

Bangladesh   Budget 22-23 FY   Food Storage  


Inside Economy

Budget allocation of Tk36,863 crore proposed for health sector

Publish: 03:45 PM, 09 Jun, 2022


An allocation of Tk36,863 crore has been proposed for the health sector in the budget for fiscal year 2022-23.

Of the total amount, the Health Services Division will get Tk29,282 crore and the Medical Education And Family Welfare Division will get Tk7,582 crore, said Finance Minister AHM Mustafa Kamal while presenting the budget proposal for FY22-23 on Thursday (9 June).

In the current fiscal year 2021-22 the health sector allocation was Tk32,731 crore, which means the allocation has been increased almost 13%.

"Our government, under the leadership of Prime Minister Sheikh Hasina, has ensured special healthcare during the pandemic period as well as adopted a coronavirus vaccination system for all and thus saved Bangladesh from massive loss of lives", said the minister.

Finance Minister AHM Mustafa Kamal has placed the Tk6,78,064 crore national budget for FY23 at Jatiya Sangsad with top priority to safeguarding marginal people from inflation fuelled by the Russia-Ukraine conflict.

This is the fourth budget of the third consecutive term of the government led by Prime Minister Sheikh Hasina and also the overall 51st budget of the country.

The proposed budget is Tk74,383 crore higher than the original budget size of the FY2021-22 fiscal year, which was Tk6,03,681 crore.

Budget   Bangladesh   FY 2022-23   Health Sector