Finance Minister AMA Muhith on Wednesday said that the government would give an outline of its objectives for the next five years in the coming national budget for fiscal 2014-15. Decentralization of power and devolution of government would be the main features of the present government’s future programme, he said when a delegation of International Business Forum of Bangladesh (IBFB) met him at his secretariat office in the afternoon. IBFB president and Runner Group of Companies chairman Hafizur Rahman khan led the delegation. About the district budget, Muhith said: “I hope that by the end of the 5th year, we should have a number of districts which would have their own budget and own implementation though within the framework of national budget.” “We’re trying to this end as some more works are being done on this district budget and it looks like it will not be difficult,” he added. Replying to a question as to which are the districts to be chosen initially for district budget, the Finance Minister said that the divisional headquarters are likely to be picked. Asked by an IBFB delegation member about the delay in decision making process, he said that the government is also aware of this fact. “We always try to see how delay could be reduced by leaving out which process in which place or by making reform,” Terming the high-bank interest rates still a major problem, Muhith said that he had discussed the issue with the banks many times, but the problem still persists as the lending rate should be in line with the inflation rate. About the user tax, he said it would take many years to evolve as it still remains as an idea. “I don’t think I can see much of it in my life. I will probably try it out in the last year of my term,” He also observed that the new VAT Law would be made fully effective in 2015. The Finance Minister hinted that the preparation for the next budget as well as discussions with the concerned stakeholders would start a bit early this time as the current fiscal year’s budget witnessed pressure due to political unrest. He said Bangladesh was lucky enough to maintain its position in global economy in the last five years despite many an adverse situation. “This was made possible because of the private sector as private sector holds a major chunk of 80 percent of our entire economy. If this private sector does not respond properly, then the economy would not move forward smoothly,” Muhith also noted that the growth in domestic demand was very high in the last five years than other aspects while the government’s revenue collection has increased during the period as also the public expenditure. “For this, I must give credit to the entrepreneurs, farmers and labourers …although things like Hall-Mark may exist if you take the overall performance,” he said. The Finance Minister, however, sought cooperation of the business community to run his operations in the coming days. – UNB
