United News of Bangladesh

The proposed national budget for the 2025-26 fiscal year has allocated Tk Tk 5,040 crore for public-private partnership funds. Presenting the budget on Monday, Finance Adviser Dr Salehuddin Ahmed said it is important to create a conducive environment to increase private investment in the country. "We are committed to identifying the existing obstacles to investment and removing them as soon as possible," he added. Besides, the management and operation of Private Export Processing Zones (EPZ) has been entrusted to Bangladesh Economic Zones Authority (BEZA) and the long-running land related complications in Korean EPZ have been resolved. The adviser also said that ten economic zones  are expected to be operational in the next ten years. "A pipeline of investors is being formed to increase foreign investment.By this, the investment commitment will be converted into real investment through systematic tracking. Bangladesh Investment Development Authority (BIDA) has already published the FDI Heatmap." Besides, we are paying special attention to encourage the implementation of investment projects through public-private partnership in the potential sectors of the country, added the adviser. Earlier today, Adviser Salehuddin Ahmed unveiled the budget proposals of the interim government for the FY2025-26, focusing on taming the inflation and setting the economic growth target at a modest 5.5% in reflecting a policy of pragmatism and prioritising people over mega infrastructure.  

Nagorik Coalition, a civil society platform, called for a clear timetable for reforms and election from the interim government without further delay. “We believe that Reform, Trial and Election are not alternatives to each other, rather they are the three petals of a flower and all of them are achievable simultaneously,” the platform said in a statement on Monday. A lack of clear timetable with achievable milestones for much-needed reforms and election is adding to the general lack of trust among political stakeholders. “A clear timetable for reforms and election is necessary for a successful transition to democracy that was one of the three cardinal aspirations of July 2024 i.e. reform, trial and election,” the statement said. The platform also demanded that the interim government transparently communicate the rationale for their policy decisions regarding matters of national importance and act for national unity. “We the concerned citizens are concerned that the lack of transparency around the interim government’s decisions around several matters of national importance -- including relations with Myanmar, foreign investment in Chittagong port and civil service reforms -- is fuelling mistrust among various stakeholders and instability across the society,” according to the statement. If the situation is not stabilised promptly, everything achieved since the July uprising would be lost, they said, adding that political stability remains elusive. BNP vows reforms, justice after election: Senior leaders “After 15 years of despotic rule, there is significant grievance among all sections of the society. Defeated forces, as well as opportunists, try to hide behind protests over legitimate grievances and demands to achieve their ulterior motives,” it said. Subsequently, the platform asked the democratic political parties to agree to a set of constitutional, legal and administrative reforms that will prevent a lapse to autocracy in future, ensure equitable distribution of political powers and avoid escalatory approaches. It said the Consensus Commission, along with the political parties, should documentarily as well as publicly commit to a clearly defined implementation pathway.

Finance Adviser Salehuddin Ahmed on Monday unveiled the budget proposals of the interim government for the FY2025-26, focusing on taming the inflation and setting the economic growth target at a modest 5.5% in reflecting a policy of pragmatism and prioritising people over mega infrastructure. Salehuddin took to the state-run BTV to announce the proposed budget of Tk7.90 lakh crore which he described as “exceptional” as the first time the size of a budget has been smaller than the one for the outgoing fiscal year’s (2024-25) outlay of Tk7,97000 crore. It’s the first in Bangladesh history. The budget proposals were approved by the Advisory Council at a special meeting chaired by Chief Adviser Prof Muhammad Yunus before President Mohammed Shahabuddin signed the documents. This is the 55th national budget of the country, but first for the interim government that took over after the ouster of former Prime Minister Sheikh Hasina’s government in last year’s July-August upsurge. In describing the proposed budget “exceptional”, the finance adviser acknowledged, “For the first time in the country's history, we are proposing a smaller budget for the next fiscal year than the budget of FY2024-25.” “Moving away from a growth-centric concept, we have tried to emphasise the concept of holistic development," said Salehuddin. In his budget speech, the adviser made no efforts to hide the challenges face by the interim government. Considering the realities, he projected GDP growth rate at a modest 5.5%, while containing the inflation at 6.5%. in FY26. He expressed satisfaction in the gradual reduction in the rate of inflation since the Yunus-led government took office last year. TIB comes down hard on govt for retaining black money whitening provision He said the point-to-point inflation came down to 9.1% in April this year from point-to-point inflation in December last year. It is expected to go gown to 8% by this month. Salehuddin explained that the interim government had to face the hard challenges of containing high inflation, rebuilding a near collapsed economy, controlling the labour unrest and keep the industries running, fighting the unbridled corruption of the past regime and revenging the banking system from crisis. “We have made encouraging progress in our efforts,” he said adding, “But there are still challenges ahead in restoring the economy to normalcy.” The finance adviser, who served as the governor of the central bank, made efforts to cut the cloth according to the size. But he did not shy away from taking care of the needs in vital sectors like education, healthcare, good governance, civic services and employment generation. In spite of the limitations, he gave priority to the needs of the people over infrastructure. He pointed out that the size of the proposed budget is smaller largely because it has prioritise people over infrastructure. Unnecessary mega projects have been cut to save money to be spent on public welfare. “Instead of merely highlighting physical infrastructure development, this time we are giving priority to people," he said. The proposed budget, he said, focused on improving people’s living standard and guaranteeing fundamental rights along with creating an equitable and just society. "Without these critical elements, a state becomes dysfunctional and the foundation of society weakens," the adviser said. The proposed budget places special emphasis on education, healthcare, good governance, civic services and employment generation, he said. Real estate route remains open in budget for legalising black money In the proposed budget, Salehuddin took note of the global realities, the country’s graduation to the middle-income economy by next year, the climate change issues, energy and food security, in some cases making increased allocation.

A mother and her two minor sons were mysteriously found dead in their house in Dhamrai upazila of Dhaka on Monday afternoon. The deceased were identified as Nazma Aktar, 35, sons Md Shamim Hossain, 12, and Solaiman Hossain, 6, of Rakkhit village under Ganguldia union. Earlier around one year back, Nazma’s husband Raja Mia was also found dead. Locals said the mother and her sons were scheduled to go visit her daughter Nasrin at her in-laws in Kamarpara village under the same upazila on Monday morning. As they didn’t go till 12pm and were found out of reach over mobile phone, Nasrin rushed to the father’s house and found the bodies lying on the bed. Housewife found dead in Gazipur Officer-in-Charge of Dhamrai police station Md Monir Islam said being informed they recovered the bodies and sent them to Suhrawardy Medical College Hospital morgue for autopsy. Expressing grief over the matter, he said a case was filed in this connection. Demanding justice for the deceased, Nasrin said they had long been in dispute with some people over land, and suspects that they might have murdered her family members.

The proposed budget for the fiscal 2025-26, estimated at Tk 7.9 trillion is a contractionary one targeting realistic GDP growth and lower inflation at 8%, says Business Initiative Leading Development (BUILD) on Monday in its budget reaction. The floating exchange rate has been announced considering high foreign exchange reserves at USD 27.4 billion, it said in a statement. The budget has given a long term projection, sometimes up to 2030 showing optimism for future economic growth. However, BUILD said, the country at the moment is in a transition towards LDC graduation, declining growth in agriculture (from 3.30% to 1.79%), lower investment to GDP ratio (29.38%),  SDGs, uncertainty because of Reciprocal tariff by USA, also non-tariff barriers by neighbouring country. Tk 2,956 crore allocated for Election Commission in proposed budget The budget delineated about the introduction of Bangladesh Single Window (BSW) and services being provided by OSS of BIDA. But, BUILD said, Investment Promotion Agencies (IPSs) have not yet been successful in creating confidence among investors. Supportive uninterrupted utility services  for which  investors  cannot run their industries in full capacity, the budget even has mentioned that there will not be any price hike of utilities but not given any security of supply of gas and electricity.  High interest rate and unavailability to bank loans, deteriorated law and order situation have been some of the discouraging factors for the investors. Business entrepreneurs waited for a strong commitment in that respect. A good initiative has been introduced regarding future adjustment of Minimum Tax applicable on Mobile phone, tobacco, beverage (under subsection six of section 163 of ITA 2023), but the provision for 38 heads ( clause 163(2))still remains non-refundable will work  as a burden to the private sector, BUILD said. The budget has increased the tax free income limit for personal tax payers while at the same time, the budget has withdrawn the 5% slab which will increase the ultimate tax burden and individual fixed income earners will not be able to enjoy the benefits of the increased tax-free limit, BUILD said. However, BUILD said, appreciation must be given to the Finance Adviser for a very precise and to the point Budget for the people of the country.

Transparency International Bangladesh (TIB) has strongly condemned the decision to continue the provision for whitening black money in the proposed budget for the fiscal year 2025–26. Criticizing this move by the interim government, the corruption watchdog stated that it reflects a stance completely contrary to the objectives of state reform, particularly the core purpose of the Anti-Corruption Commission reforms. TIB termed the decision unethical, discriminatory, and in violation of the Constitution. In a press statement responding to the announced national budget for FY 2025–26, TIB Executive Director Dr. Iftekharuzzaman said, “Whatever way it may be interpreted, to undermine the core mandate of state reform in general and anti-corruption in particular, this shows how the interim government has surrendered to the real estate lobby power to facilitate corruption.” He said that irrespective of the payable rate, this clearly violates article 20(2) of the constitution under which the state specifically commits to prevent possession of unearned income. “It is also discriminatory because the real estate market will proceed more aggressively to become an exclusive zone of illicit income owners and deprive honest income earners of the possibility to afford any share of flats or buildings market. Above all, it is corruption-friendly because in reality the government is encouraging people to own unearned and illicit income throughout the year and get it legalized in the name of promoting arguably one of the worst corruption-affected real estate sector.” Real estate route remains open in budget for legalising black money The TIB Executive Director further stated that What is most alarming and disappointing is that the government’s decision will encourage corruption. In effect, the government is incentivizing citizens to accumulate illegal and undisclosed wealth throughout the year with the assurance that such black money will be legitimized at year-end. “The justification being offered—favoring the real estate sector—is deeply problematic, especially since that sector has been identified as one of the most corruption-prone in the country. We strongly demand the permanent cancellation of this corruption-promoting opportunity to whiten black money, starting with its removal from the revised budget.” The TIB also urged the government to investigate the sources of black money, hold those responsible accountable, and ensure equity and justice in the tax system. It said that the TIB firmly believes that if the government genuinely wants to claim a firm and effective stance against corruption, it must permanently shut down all avenues for legalizing black money. “Otherwise, anti-corruption activities and policy initiatives will be perceived by the people as mere eyewash, which will further deepen the culture of normalizing corruption and reduce the promise of establishing good governance to mere posturing.” The TIB director said that it must be remembered that one of the key recommendations of the ACC Reform Commission—formed by this very government—was to permanently eliminate all provisions for black money legalization, a recommendation already endorsed by all political parties. “Yet, by taking a contradictory stance, the interim government is embarrassing itself through such inconsistency.” Similarly, he said, the interim government was expected to provide an update in the budget on the progress made in recovering the vast amount of money laundered from the country. However, the Finance Adviser addressed this issue with only a single sentence, falling far short of expectations. “Additionally, a provision has been made to impose taxes and penalties on the wealth and assets of those who laundered money abroad and subsequently renounced their Bangladeshi citizenship.” Yet, the budget fails to clarify how this provision will be implemented, he added. Tk 2,956 crore allocated for Election Commission in proposed budget “Moreover, to enhance revenue collection, the move to separate policy from administration lacks any outlined strategies to ensure transparency and accountability in this sector. TIB considers this omission in the budget speech to be genuinely disappointing.”

The proposed national budget for the 2025-26 fiscal year has allocated Tk 200 crore for scientific research activities, while a separate allocation of Tk 100 crore has been made to support technology-based start-ups. Presenting the budget on Monday, Finance Adviser Dr Salehuddin Ahmed said the allocation for scientific research aims to support fundamental research as well as exploration and sustainable management of marine resources, thereby tapping into the potential of the blue economy. Highlighting the country’s progress in the ICT sector, the finance adviser noted that digital ICT labs have been established in 5,000 educational institutions across the country, along with the setting up of ICT Schools of the Future in 300 institutions. In the current fiscal year, a total of Tk 16.66 crore has been disbursed as research grants for 492 projects across various universities, he said adding, these initiatives are intended to promote scientific activities and encourage research and development in science and technology. Stick Market: Dhaka edges up on budget day, Chattogram slips The finance adviser said the proposed allocation of Tk 100 crore for start-up funding in the new budget is aimed at encouraging new entrepreneurs in the technology sector. He said the decision was taken in view of the promising prospects of the ICT industry.

The proposed national budget for the 2025–26 fiscal year has allocated Tk 2,956 crore for the Election Commission (EC) Secretariat -- more than double the Tk 1,230 crore earmarked in the current fiscal year. Finance Adviser Dr Salehuddin Ahmed unveiled the Tk 790,000-crore budget on Monday through state-run Bangladesh Television (BTV) and Bangladesh Betar. Of the total allocation for the EC, Tk 2,727 crore has been designated for operating expenses, while Tk 229 crore will go towards development activities. Real estate route remains open in budget for legalising black money The operating budget marks a significant increase from the current allocation of Tk 793 crore, which was later revised to Tk 716 crore for the 2024–25 fiscal year. The sharp rise is widely believed to be aimed at covering the costs associated with the upcoming national election. Chief Adviser Prof Muhammad Yunus, during a recent visit to Japan, said the next national election will be held between December and June 2026. As such, the 12th parliamentary election is expected to be conducted during the 2025–26 fiscal year. Earlier, the EC had requested approximately Tk 2,800 crore to conduct the next general election and ensure law and order during the polls. The budget for the 12th general election, held on January 7, 2024, was Tk 2,276 crore, while Tk 700 crore was allocated for the 11th general election held on December 30, 2018.  

People will require to show proof of income tax returns filing for only 12 selected services from the next fiscal year, a sharp reduction from the previous list of 43 services. Finance Adviser Dr. Salehuddin Ahmed announced this  in his pre-recorded budget speech for 2025-26 on Monday. The move is part of efforts to broaden the tax base, encourage a culture of compliance, and simplify tax procedures for citizens. According to the new provision, individuals seeking these services will no longer need to submit income tax return documents. Instead, they will only be required to present a Taxpayer Identification Number (TIN) certificate that will significantly reduce paperwork and stream access to essential services. The 12 services are: 1.     Obtaining a new trade license in city corporations or municipality areas 2.     Registering a cooperative society 3.     Acquiring a new license as a listed general insurance surveyor 4.     Issuance of credit cards 5.     Obtaining membership in recognised professional bodies, including those for: o    Doctors o    Dentists o    Lawyers o    Chartered Accountants o    Cost and Management Accountants o    Chartered Secretaries o    Tax Lawyers o    Actuaries o    Engineers o    Architects o    Surveyors 6.     Opening a savings account of Tk 5 lakh or more at the post office 7.     Receiving MPO-based salary for government employees in Grade 10 or equivalent 8.     Issuance, ownership transfer, or renewal of fitness certificates for three-wheeler vehicles 9.     Registration or licensing for stamp vendors, court fee vendors, cartage paper vendors, or document writers 10.   Obtaining a license to operate an e-commerce business.  

A Dhaka court on Monday granted bail to Anowara Begum, a retired professor of Jagannath University (JnU) in an attempted murder case. Dhaka Metropolitan Magistrate Md Minhazur Rahman passed the order on a Tk 500 bond when Anowara’s lawyer Advocate Obaidul Islam sought bail for his client. In the bail petition, Advocate Obaidul said that Anowara is 70 years old and served as a professor at Jagannath University for 35 years. “She is a retired female professor and is currently unwell. According to the Code of Criminal Procedure, she is entitled to bail,” he said. A case was filed against Anowara with Sutrapur Police Station on February 16.  Sujon Molla, former general secretary of the JnU unit of Chhatra Dal, the BNP's student front, filed the case. Police arrested Anowara on May 28 when she attended a programme at JnU. Her arrest caused a public uproar. Sujon Molla was injured in a clash during the anti-discrimination student movement at Raishaheb Bazar on July 19.