Will not implement the budget by printing money: Finance Advisor

The budget will not be implemented by borrowing from banks or printing money, Finance Advisor Dr. Salehuddin Ahmed said.

He said this while talking to reporters after the meeting of the Advisory Council Committee on Government Procurement at the Secretariat on Tuesday (May 13).

The advisor said, we will implement the budget roughly. We will not do it with a huge gap. We will implement the projects, Annual Development Program (ADP) on a very realistic basis.

Stating that these will not be done with big mega projects, borrowing and creating a deficit, he said, we will not implement the budget by borrowing from banks or printing money. There will be some deficit. I am negotiating to fill that, we are talking to the International Monetary Fund (IMF) and the World Bank about the project, which is now fairly successful.

Regarding the abolition of the National Board of Revenue (NBR), he said, even though the NBR has been abolished, the interests of the institution continue. This has been done by thinking about the overall situation. As a result, there will be no impact on revenue collection. At least the collection will not be less than last time.

Stating that revenue collection and management are separate all over the world, he said that there is no reason for revenue officials to worry due to the separation. This will be clear if you look at the ordinance carefully.

Meanwhile, on Monday (May 12) night, the government abolished the country’s traditional organization NBR and issued the much-discussed Revenue Policy and Revenue Management Ordinance. At the same time, the Internal Resources Department was abolished. This government notification was issued on Monday night, ignoring the opinions of the Income Tax and Customs cadre officials to comply with the IMF’s conditions.

According to relevant sources, only minor changes have been made in the issued ordinance in the scope of work of the Revenue Policy Department. And the administrative posts of the Revenue Management Department have been filled by Income Tax and Customs cadre officials along with admin cadre officials.

According to the new ordinance, the manpower of the National Board of Revenue will be entrusted to the Revenue Management Department. From this manpower, the necessary manpower can be posted to the Revenue Policy Department. In addition, the Internal Resources Department will be abolished and its manpower will be assigned to the Revenue Policy Department.