The New Nation - Internet Edition

Staff Reporter

Speakers at a post-budget discussion yesterday stressed on proper use of budgetary funds allocated in the current fiscal 2008-09.

They lauded the Government for extending the tax holiday. They, however, suggested taking short and medium term plans to develop the country's power sector.

They called upon the Government for allocating more funds in the agriculture, education and health sectors.

Their observation came at a roundtable conference on budget organised by Islamic Economics Research Bureau (IERB) at a city hotel.

Shah Abdul Hannan, former secretary and Chairman of IERB moderated the conference. Prof Ayubur Rahman Bhuyan, senior research fellow of the organisation presented keynote paper on the budget.

Among others, eminent economist Prof Abu Ahmed, Md Sharif Hussain, general secretary of IERB, engineer Fazle Ali, Abul Bashar Khan, Registrar of Manarat International University, Abdul Kader, EVP of Islami Bank, Ruhul Amin Rokon, Associate Prof of International Relations department of Dhaka University Mahbul Huq and Shawkat Ara Begum took part in the discussion.

The Annual Development Programme (ADP) is important for encouraging private investment, promote growth and create jobs. But the low size of ADP denies that opportunity, they added.

They said that the GDP growth in the current fiscal is to rise to 6.5 per cent from 6.2 per cent in the last fiscal.

They, however, suggested that the subsidy on diesel, octane and petrol need to be readjusted in line with the international market price. However, farmers and poor people should be provided subsidised diesel and kerosene, they opined.

They lamented that no Government in the past had disclosed whether the poverty alleviation targets were achieved or not. They said that poverty could not be eliminated without reducing the interest rate.

They said that good governance is a prerequisite for proper implementation of budget. They also said without checking corruption good governance could be not established in the country.

Prof Abu Ahmed said poverty is the main hurdle of the country's economic uplift. " Unless economy serge's up poverty could not be reduced," he said adding that Tk 70,000 crore has been allocated for non-development sector.

He suggested reducing the corporate income tax to encourage investment in the capital market.

Shah Abdul Hannan suggested widening of income tax net and allocating more funds for social safety net programme.