The preparation and implementation of the National Budget would benefit from establishing independent commissions on statistical review, agriculture price, local government financing and public expenditure review, reiterated Dr Debapriya Bhattacharya.
The CPD Distinguished Fellow was addressing, as the Chief Guest, a seminar on students’ thoughts on the national budget for FY2015, organised by the Faculty of Business Administration (FBA), Eastern University, Dhaka on Sunday 15 June 2014.
In order to achieve desired macroeconomic performance and budget implementation, CPD, earlier in its analytical review of the National Budget for FY2015, suggested setting up an Independent Statistical Commission to validate the macroeconomic correlates; an Agriculture Price Commission; a Local Government Financing Commission and a Public Expenditure Review Commission.
The National Budget for FY2015 needed more attention in terms of distribution of sectoral allocation; evaluation of GNI and GDP estimation; and proper measures to control inflation, noted Dr Bhattacharya in his lecture.
Talking on the national budget as a Special Guest, Dr Salehuddin Ahmed, Former Governor of Bangladesh Bank, urged to ensure the quality of expenditure in the budget, adding that the quality of ADP projects should be evaluated at the root level and at the ministerial level before those receive budgetary allocation.
Special Guest Mr Ibrahim Khaled, former Deputy Governor of Bangladesh Bank, mentioned that the current political and investment climate in Bangladesh do not fully allow the government to spend taxpayers’ money for welfare and development purposes of the country.
Chair of the event Eastern University Vice Chancellor Dr Abdur Rab observed that tertiary-level education was not emphasised in the present budget. The budget should reflect scientific principles of Adam Smith and welfare economics, noted Special Guest Dr Mahbub Ullah, former Professor of Development Studies, Dhaka University.
The seminar, attended by around 300 students and faculties, was also addressed by Professor Dr Nazrul Islam, Eastern University Dean of FBA, among others.