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Muhith: Budget deficit 5.4% in next fiscal year

  • Published at 06:10 pm April 16th, 2017
  • Last updated at 06:42 pm April 16th, 2017
Muhith: Budget deficit 5.4% in next fiscal year
Finance Minister AMA Muhith has categorically indicated the next fiscal year’s budgetary deficit will exceed 5% of total Gross Domestic Product (GDP) that might cause more government borrowing from banks. “We have fixed the next budget deficit at 5.4% of GDP,” the minister said after a meeting of Fiscal Coordination Council and Budget Management Committee at the Finance Ministry auditorium Sunday. “At the end of a fiscal year, the budget deficit never exceeds our estimation because of the unused funds,” Muhith added. The finance minister also said GDP growth rate in the next fiscal year would be 7.4% while it was 7.2% in the current fiscal year. Finance division sources said the next fiscal bank loan would see a sharp rise to Tk60,000 crore from Tk38,000 crore in the current fiscal year.