Bangladesh economy is in good shape: Kamal

January 07, 2021 Business
Finance Minister AHM Mustafa Kamal on Wednesday reiterated that the market of Bangladesh is found in good condition as it gets more dynamic and more powerful daily and there is absolutely no mismatch or perhaps distortion in the economy, reports BSS.

"We're immuned, our personal debt to GDP ratio is certainly less and we hardly ever fail with debt servicing. Our fiscal and financial policy is usually aligned to the national budget and the five-year plan. There is absolutely no distortion or mismatch, thus I think we're who is fit. We're aware fully about the needs of our people and thus we're doing work for their pleasure," he said.

The finance minister was speaking with reporters virtually after the day's meetings of the Cabinet Committee on Economic Affairs and the Cabinet Committee on Government Purchase (CCGP).

Embracing the buoyancy in inward remittance move, he said that above Taka 40,000 crore remittance found Bangladesh during the last six months and at the year-end, this volume would reach around Taka 70,000 to Taka 80,000 crore.

"Since remittances are actually approaching through official channel, a great dynamism possesses been infused throughout the market which includes also some multiplier impression. The country's economy is getting more dynamic and stronger and I think we've become successful in almost all of the situations," he said.

Asked about the feasible challenges of the economy in today's year, he stated the economy of a nation would depend on many parameters, but there have been some changes in thoughts considering the present pandemic scenario and thus the current budget will come to be recast which is also very much rational.

“The entire world knows very well the current situation and our goal is to harness and exploit the available resources to the satisfaction of the government and the country’s persons and thus make an effort to gain maximum that your government does nicely beneath the able leadership of Prime Minister Sheikh Hasina,” he said.

The finance minister said in comparison to other neighboring countries, Bangladesh does well and would continue to do well as the premier has been planning things in a pragmatic way in order that it becomes conducive to the welfare of the people of the country.

He went on saying, "As an associate of her workforce, we're doing our works together with the available resources."

Ruling out the probability of key deficit in the macroeconomic indicators, Kamal stated there wouldn't normally be such deficit, adding that the customs duty has drop due to downtrend in imports.

He, even so, noted that the different sectors are well due to direct taxation either from individual or corporate is certainly having a good growth rate. "Of late, we’ll commence having a very good growth charge in VAT. We're comparatively before various other economies as our overall economy is immuned,"

Asked about the style of whitening undisclosed profit the current fiscal year (FY21) as over Taka 10,000 crore was disclosed in taxation statements, Kamal said the government needs that the undisclosed money to come into the mainstream of economy that such provision possesses been placed in the budget.

He said such provision has been allowed found in the real estate sector because it is a big section of the economy even while stamp duty has been reduced in order that the government could easily get more earnings from flat registration purpose. He also said that more undisclosed money can be staying whitened in the capital market availing of the chance given by the federal government.

The finance minister said although interest rates and tax rates were likely to remain bigger earlier in the united states, the interest rate has now come down. Nonetheless it is still higher than some economies. "We've been successful in this regard and we'll need to consider the positive sides of these."

Replying to another question more than the non-submission of taxation statements by all TIN holders, Kamal stated that the federal government would have to go for total automation of the earnings sector, adding, "Right up until we're powerful in digitizing our bodies, the problems might persist. But we're providing highest priority to complete automation of our income sector."

When asked to judge his performances mainly because he completed two years mainly because the finance minister, Kamal eventually left the problem to the people, telling that he previously been functioning relentlessly for the country and its people.
Source: Observerbd - Bangladesh

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