2 weeks Ago
The government's revenue collection and spending targets for fiscal year (FY) 2025-26 have been set in line with the recommendations of a taskforce given the task of developing strategies to boost the economy, according to the finance ministry. Additionally, the interim government has updated its medium-term macroeconomic framework for the country so that future recommendations from the taskforce can be implemented as needed. Meanwhile, the budget for FY26 has been set at Tk 790,000 crore, which is slightly lower than the Tk 797,000 crore that was initially slated for the current fiscal year.
Besides, this could be the first time in history that the government will announce a budget that is lower than that of the outgoing year. In a circular issued last Thursday, the finance ministry said the revenue collection target for the National Board of Revenue (NBR) may be set at Tk 4.99 lakh crore, which is 7.
6 percent higher than the revised target for FY25. The revenue collection and spending targets are based on some assumptions in a recent report by the taskforce, titled "Re-strategising the Economy and Mobilising Resources for Equitable and Sustainable Development". The report said the funds for different government agencies and departments should be allocated in line with their impact on the country's GDP growth.
The GDP growth target for FY26 will be 6 percent while it is 6.75 percent for the current fiscal year. The task force announced its recommendations after analysing trends in the country's revenue collection and spending targets as well as findings from meetings with officials of the Ministry of Finance, Planning Commission and other government bodies.
So, relevant ministries and their departments have been ordered to correct and restate the revenue collection and spending targets following the recommendations, the circular said. Also, separate revenue and development budgets for FY26 will be prepared for each ministry and their departments so that they remain within the approved spending limit prepared by the budget management committee. As such, the ministries have been ordered to set spending targets considering their contributions to GDP growth, and allocate funds mostly for high priority projects.
The budget management committee will finalise the list of priority projects after analysing their relevance to the ministries' strategic goals. The government's revenue collection and spending targets for fiscal year (FY) 2025-26 have been set in line with the recommendations of a taskforce given the task of developing strategies to boost the economy, according to the finance ministry. Additionally, the interim government has updated its medium-term macroeconomic framework for the country so that future recommendations from the taskforce can be implemented as needed.
Meanwhile, the budget for FY26 has been set at Tk 790,000 crore, which is slightly lower than the Tk 797,000 crore that was initially slated for the current fiscal year. Besides, this could be the first time in history that the government will announce a budget that is lower than that of the outgoing year. In a circular issued last Thursday, the finance ministry said the revenue collection target for the National Board of Revenue (NBR) may be set at Tk 4.
99 lakh crore, which is 7.6 percent higher than the revised target for FY25. The revenue collection and spending targets are based on some assumptions in a recent report by the taskforce, titled "Re-strategising the Economy and Mobilising Resources for Equitable and Sustainable Development".
The report said the funds for different government agencies and departments should be allocated in line with their impact on the country's GDP growth. The GDP growth target for FY26 will be 6 percent while it is 6.75 percent for the current fiscal year.
The task force announced its recommendations after analysing trends in the country's revenue collection and spending targets as well as findings from meetings with officials of the Ministry of Finance, Planning Commission and other government bodies. So, relevant ministries and their departments have been ordered to correct and restate the revenue collection and spending targets following the recommendations, the circular said. Also, separate revenue and development budgets for FY26 will be prepared for each ministry and their departments so that they remain within the approved spending limit prepared by the budget management committee.
As such, the ministries have been ordered to set spending targets considering their contributions to GDP growth, and allocate funds mostly for high priority projects. The budget management committee will finalise the list of priority projects after analysing their relevance to the ministries' strategic goals..
