Saturday, July 4, 2020 | ePaper

Budget should strengthen health, social security sectors: Economists

  • Print
Business Desk :
Country's prominent economists and experts have said that the next national budget should focus on ensuring survival of people through strengthening health, medical and social security sectors.
The eminent economic analysts and experts expressed such thought on the upcoming National Budget for fiscal year (2020-2021) at a Pre-Budget Discussion webinar (Web seminar) organized by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) on Saturday, said a press release.
Dr Atiur Rahman, Former Governor of Bangladesh Bank, Mosharraf Hossain Bhuiyan Former Senior Secretary and Chairman of NBR, Professor Dr. Mustafizur Rahman, Distinguished Fellow of Centre for Policy Dialogue (CPD), Dr. Muhammad Shahadat Hossain Siddiquee, Professor, Department of Economics of University of Dhaka and Ranjan Kumar Bhowmic, Member (Tax Survey & Inspection), NBR and A. K. M. Kuamruzzaman SEVP and Head of Operation, LankaBangla Finance Ltd. joined the Webinar(Web Siminar) as honourable discussants.
ICMAB President Md. Jasim Uddin Akond gave the inaugural speech in the webinar and Md. Mamunur Rashid FCMA, Vice-President of ICMAB presented the proposal paper on proposed National Budget 2020-2021. Prof. Dr. Mahmood Osman Imam, Professor & Former Chairman, Department of Finance, University of Dhaka moderated the session.
ICMAB President Md. Jasim Uddin Akond said that it is a moral duty for the institute to give proper suggestions to the government in various Budget issues. He hoped that CMA professionals will be able to help the government in the process of revenue collection and thus increasing accountability in every sector.
Md. Mamunur Rashid, Vice-President of ICMAB presented the paper on proposed National Budget for fiscal year 2020-2021. Emphasizing on the health sector, Mamunur briefly presented 13 core proposals on behalf of the institute.
These are adding cost statement accompanied by quantitative analysis statement by Cost and management accountants with company returns, increasing the minimum range of tax free income from Taka 2.50 lakh to at least Taka 4 lakh considering the COVID-19 situation; strengthening Food, Agriculture and Medical sector, special incentives for garments and transport system, development of share market and industry sector got importance in this paper.
Speaking on the occasion, Dr. Atiur Rahman evaluated the audit process as the foremost task for ensuring the quality of expenditure in every sector.
Considering the present worldwide crisis and future, he underlined on the health and medical sector to be more structured and capable than ever.
He said that the next budget should be a 'health' budget. "This is our survival budget. Economic development will be nothing if we can't stay alive."
He also stressed the need for giving importance on social protection in the upcoming budget and thus creating a proper database to ease the process.
Dr Atiur also expressed his hope of recovering the economic losses in the near future through surviving this year. He also opined that Bangladesh Bank could play a vital role in this process through inseminating credit guaranty skim.
Former NBR Chairman Mosharraf Hossain Bhuiyan suggested for cutting down unnecessary costs in various sectors as much as possible.
He also stressed the need for strengthening the health sector and spending more for social security. Besides, Mosharraf said those sectors which are currently out of activities should be given incentives to keep those alive.
Distinguished Fellow of CPD Professor Dr. Mustafizur Rahman said that the next budget is totally different than any other time. "It must be calculated based on health, humanitarian and economic crisis."

More News For this Category

US firms create record 4.8 million jobs in June

BBC News :The US economy created jobs at a record pace in June as firms took on more staff after the coronavirus downturn.Payrolls surged 4.8 million, the most since

UNDP launches 'Future of Work Lab' for resilient BD economy

BSS, Dhaka :The United Nations Development Programme (UNDP), in collaboration with its Bangkok Regional Hub, has launched the 'Future of Work Lab' with a view to facilitating South-South cooperation

EU, UK warn of big differences as Brexit talks head to London

EU, UK warn of big differences as Brexit talks head to London

AFP, Brussels :A round of intensified Brexit talks ended on Thursday with both sides warning of big remaining differences but committing to more negotiations next week in London.The four

Ashanul Kabir new chairman Shanto-Mariam Foundation

Ashanul Kabir new chairman Shanto-Mariam Foundation

Business Desk :Dr Md Ashanul Kabir took the charge as Chairman of Shanto-Mariam Foundation is a service and human welfare oriented organization.A meeting of the Board of Directors of

23 more services to be come under OSS soon: BIDA

23 more services to be come under OSS soon: BIDA

Economic Reporter :At least 23 more services of 10 ministries and organizations will come soon under the One Stop Service (OSS) centre of the Bangladesh Investment Development Authority (BIDA).The

BD lost Tk 40b export earnings for BJMC: Minister

bdnews24.com :Textiles and Jute Minister Golam Dastagir Gazi has blamed the Bangladesh Jute Mills Corporation (BJMC) for the current malaise in the flagging jute sector.He blamed the organisation for

ADB joins Network for Greening the Financial System

Business Desk :The Asian Development Bank (ADB) on June 23 joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as an observer. The NGFS was

Biman to start Dhaka-Toronto direct flight from October

Biman to start Dhaka-Toronto direct flight from October

UNB, Dhaka :Biman Bangladesh Airlines is all set to start operating direct flights from Dhaka to Toronto and from there to New York by Air Canada from October this

SLICL gets new CEO

SLICL gets new CEO

Business Desk :Mir Rashed bin Aman has taken over as the new CEO of Sonali Life Insurance Company Limited (SLICL). He replaces former CEO Ajit Chandra. He took over

Local fabric, RMG exporters to take part in three-day virtual show

Business Desk :Local fabric and readymade garment exporters under the state-owned Export Promotion Bureau (EPB) will take part at the three-day virtual show, first of its kind, scheduled to