Budget Can't Satisfy All
Finance Minister maintains
Finance and Planning Minister Mr. M. Saifur Rahman MP was of the opinion that it was not possible to frame a budget which would satisfy all sections of the people. The Finance Minister made this remark while delivering his speech as the Chief Guest at a CPD dialogue titled State of Bangladesh Economy and Budget Responses 2002 held at the CIRDAP auditorium on June 13, 2002. CPD Chairman Professor Rehman Sobhan chaired the session and moderated the dialogue while Mr. M. Syeduzzaman, a member of the CPD Board of Trustees and former Finance Minister of Bangladesh was the Guest of Honour. CPD Executive Director, Dr. Debapriya Bhattacharya presented the keynote paper.

In putting up the major features of the proposed budget for the FY2003, Dr. Bhattacharya referred to the five Cs which, according to him, defined the budget for FY2003: these were fiscal consolidation, policy continuity, benchmark contestation, programmatic contention and social compromise. Dr. Bhattacharya pointed out that despite the positive measures articulated in the budget, investment is likely to remain constrained by a set of negative factors which included

CPD Executive Director Dr. Debapriya Bhattacharya presenting the keynote paper on Budget FY 2003. Ambassador Mary Ann Peters of USA and Ambassador Dietrich Andreas of Germany are also seen (first and second from left) in the picture.

lack of reforms in trade-supporting infrastructure, red-tapism and poor law and order situation.
Former Finance Minister of Bangladesh Mr. A.M.A. Muhith commented that an ambitious budget has been designed at a time when the entire economy was suffering from recession. Mr. M. Syeduzzaman noted that a serious mid-term review would be a great help in improving the quality of budget management.
A number of participants, however, sounded critical about the investment opportunities provided to untaxed income, imposition of ban on import of reconditioned vehicles and the increase in the tax on public transport.

Finance and Planning Minister Mr. M. Saifur Rahman MP and CPD Chairman Professor Rehman Sobhan sharing a special moment during the CPD dialoue on Budget 2003.

They also identified the poor law and order situation as a major hurdle to investment.
In his remarks, the Finance Minister expressed his optimism that budget targets will be achieved and that the government will take appropriate measures for enhancement of revenue earnings, by raising the efficiency of public expenditure and by bringing about fiscal discipline in all areas. He also noted that the budgetary allocation for Home Ministry was increased.
Among others, former Deputy Speaker of the Parliament Professor Ali Ashraf, Mr. G.M. Kader MP of Jatiyo Party, NGO activist and Member of CPD Board of Trustees Ms. Khushi Kabir, former Communications Minister Mr. Anwar Hossain Manju MP, former BNP lawmaker Maj. (Rtd.) Akhtaruzzaman, Finance Secretary Dr. Zakir Ahmed Khan, Bangladesh Bank Governor Dr. Fakhruddin Ahmed, US Ambassador to Bangladesh Ms. Mary Ann Peters, former Advisor to the Caretaker Government Mr. Syed Manzur Elahi, ICC-B President Mr. Mahbubur Rahman, Former MCCI President Mr. Latifur Rahman, Professor Abu Ahmed of Dhaka University, eminent journalist Mr. Enayetullah Khan, Dr. Atiur Rahman of BIDS, former Foreign Secretary Mr. Farooq Sobhan, former ERD Secretary Dr. Mashiur Rahman, Professor Md Masum of Jahangirnagar University took part in the discussion.

Former Finance Minister Mr. M. Syeduzzaman (Right) is taking part in the floor discussion. Another former Finance Minister Mr. A. M. A. Muhith (Left) is also seen in the picture. Mr. Jan Maas, charge de Affairs, Netherlands Eumbassy looks on