Finance Minister Abul Hasan Mahmud Ali commented that the economic sector of the country will improve only through the development of the private sector. He said that the government considers the private sector as the driving force of the economy. The government has always played a supportive role for the growth and development of the private sector.
He said these things while addressing as the chief guest at the 'Pre-Budget 2024-25 and Expectations of the Private Sector' organized by Samakal, Channel-24 and Dhaka Chamber of Commerce and Industry at the Intercontinental Hotel in the capital on Sunday (March 10).
The Finance Minister said that the views and expectations of the private sector will be taken into consideration in the preparation of the budget for the next fiscal year 2024-25. Our government's goal is to make Bangladesh a developed, prosperous and sustainable smart country by 2041. Private sector partnership is essential to achieve this goal. The economic sector of the country will improve only through the development of the private sector. Our government has taken various steps for expansion and development of private sector.
He said that the government's plans for the country's business and trade, industrial development and economic development of the country are reflected through the formulation of the budget. The private sector plays an important role in Bangladesh's economic progress, including meeting the challenges of the post-Covid-19 global crisis. According to forecasts by global development agencies - our main export destination, the US and the Eurozone and other trading partners, will see positive GDP growth in the coming days.
He also said that although the trend of price inflation in 2023 is upward in the global and neighboring countries, it is expected to come down to 5.8 percent in 2024. Global oil prices were slightly higher in the first half of 2024, currently trading at US dollar 82.5. We hope that the forecast of stable oil prices will help us in our work. We started work a few months ago and we have faced quite a few hurdles. However, there is a deficit of US dollar 1.93 in the current account balance till 2023.
He said the remittance income was 12.9 billion US dollars till January 2024, which is an increase of 3.6 percent compared to the same period of the previous fiscal year. The Taka has remained stable against the US dollar and the latest foreign exchange reserves stood at US dollar 26.34 billion on March 6, 2024. The achievements of our government in the economic field in the past years are - Keeping the average rate of GDP above 6.60 percent from 2009-10 to 2022-23 despite internal and multifaceted shocks limiting the budget deficit to 5 percent of GDP. To gradually bring down general inflation and stabilize foreign exchange rates. A doubling of government budget size, revenue, government spending and foreign aid commitments Increasing the size of annual development programs, raising per capita income and eliminating poverty.
Moderated by Dhaka Chamber of Commerce and Industry president Ashraf Ahmed and the discussion meeting was presided over by Samakal's advisory editor Abu Saeed Khan. Bangladesh Bank Deputy Governor Dr. Md. Habibur Rahman, Financial Institutions Division Secretary Sheikh Md. Salim Ullah, National Revenue Board Chairman and Senior Secretary Abu Hena Md. Rahmatul Munim, former President of FBCCI and Member of Parliament AK Azad, Member of the Parliamentary Standing Committee on Finance and Member of Parliament Md. Abul Kalam Azad and many others spoke.