• Wednesday, Dec 07, 2022
  • Last Update : 09:54 am

Concerns about fall in remittance

  • Published at 06:04 pm April 16th, 2017
Concerns about fall in remittance
Fiscal Coordination Council has expressed concerns about the capital flight and the decline of remittance inflow as investments are being hampered in the country due to such incidents. The concerns were expressed at a meeting of the Fiscal Coordination Council and Budget Management Committee on Sunday, said officials who attended the meeting. The meeting was held at the finance ministry auditorium with Finance Minister AMA Muhith in the chair. The council observed that a large amount of the local capital has been illegally transferred to foreign countries like Malaysia, Canada and Australia. Earning from sale of land is not being disclosed to the state agencies concerned as there is a ceiling on land sale fixed by the government. The council said the actual price of land should be calculated on the basis of price when it was sold. It suggested cancellation of the ceiling to discourage earning of black and undisclosed money. Finance Minister asked the authorities concerned to form a committee to find ways of reducing the amount of undisclosed money from land sales. Finance Minister AMA Muhith will sit with the stakeholders soon in his efforts to reduce undisclosed money. The meeting observed that the wages of Bangladeshi expatriates have declined in the six Middle-Eastern countries including the UAE, Saudi Arabia, and Qatar. Major part of the Bangladesh remittance come from these countries. The major reasons of the decline of remittance were identified as illegal channeling of money like “Hundi”, dull economic situation in the Middle East and drop of wages. While the wages in these countries dropped, the number of expatriates from Bangladesh has increased during the last few years. Besides, the meeting expressed concerns about the decline of export prices over the last few years. After the meeting, finance minister categorically indicated that 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 hope that the next budget deficit will not be more than 5.4% of GDP,” the minister said. “At the end of a fiscal year, the budget deficit never exceeds our estimation because of the unused funds,” Muhith added.
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