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They also proposed increasing budget allocations for health sector to 20% of the budget, social security to 20% and 10-20% for agriculture sector
Unnayan Shamannay on Tuesday recommended allocating 4% of GDP for the country’s health sector in the budgets for the next three fiscal years to fight Covid-19.
The private research organization also proposed increasing budget allocations for health sector to 20% of the budget, social security to 20% and 10-20% for agriculture sector.
They also recommended continuation of food and cash assistance for the marginalized people.
Unnayan Shamannay made the recommendations at a digital discussion titled “Coping with the Economic Impact of the Corona Pandemic: Response Through National Budget for FY2020-21.”
Its chairperson and former governor of Bangladesh Bank Dr Atiur Rahman suggested that the government increase efficiency in the budget implementations.
He said in his keynote paper titled, “Upcoming Budget Should Be Health Budget'” that the allocation for the health sector must increase and should be average 4% of our GDP for the next three budgets.
However, macroeconomic strength of the country gave hope in coping with corona-induced economic slowdown, Atiur said.
He also said it was not the right time to reduce oil prices.
Atiur Rahman said there was little scope to increase government’s income through revenue collection and the government should not be too much reliant on loans from domestic banking system.
Rather, it should seek low cost loans from multilateral financing bodies such as the World Bank, IMF and ADB, he mentioned.
Dr Naznin Ahmed, senior research fellow of Bangladesh Institute of Development Studies (BIDS) urged to increase the tax-free income threshold level from Tk 250,000 to Tk 400,000 in the upcoming budget.
Emeritus Fellow Khondoker Shakhawat Ali and Prof Taiabur Rahman of Dhaka University’s Department of Development Studies were present as panel discussants.
Arup Choudhury, CEO of Acasia Global Consultants from Kolkata and former executive director of Bangladesh Bank Mahfuzur Rahman also participated at the meeting.
(DT)
