Performance in Q1 FY23 satisfactory: Bangladesh finance minister

15 Jan '23

2 min read

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Bangladesh finance minister AHM Mustafa Kamal recently placed a report in the Parliament that said the position of basic macroeconomic indices, including revenue collection, remittances, export growth, annual development program (ADP) expenditure and money supply, in the first quarter (Q1, July-September) of fiscal 2022-23 fiscal was satisfactory.

The Q1 revenue collection was 19.33 per cent compared to 18.72 per cent in the previous fiscal.

Public expenditure was 11.14 per cent against 11.9 per cent in the same period of the last fiscal, while implementation rate of ADP was 8.55 per cent in Q1 against 8.26 per cent.

“Revenue collection was done as per the target, positive trend was seen in import and export income, and as a result I am hoping that we will be able to attain our desired target in the current budget,” the minister was quoted as saying by Bangla media reports.

The finance minister said that due to the increase of import expenditure, there was a deficit in the current account balance, which reduced to $36.47 billion in the reserve on September 30 last year. It was $46.22 billion in the same period of 2021.

The export income growth rate was 13.38 per cent in Q1 this fiscal against 11.37 per cent during the same period of the last fiscal. The import expenditure increased by 11.67 per cent in the quarter against 47.56 per cent in the same duration of the last fiscal.

The annual average inflation was 5.5 per cent in September 2021, while it increased to 6.96 per cent in September last year. The point-to-point inflation in September 2021 was 5.59 per cent, while it increased to 9.1 per cent in 2022.

Fibre2Fashion News Desk (DS)

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