Latest news with #SalehuddinAhmed
Fibre2Fashion
7 days ago
- Business
- Fibre2Fashion
Bangladesh allocates $56 mn for Jute & Textile Ministry in FY26 budget
An allocation of TK 4.8 billion (~$56 million) has been made for the Ministry of Jute and Textile for fiscal 2025-26 (FY26), Bangladesh finance adviser Salehuddin Ahmed announced yesterday while unveiling the national budget for the next fiscal. He said TK 2.32 billion is designated for operational expenses, while TK 2.48 billion is for development expenditure. An allocation of TK 4.8 billion (~$56 million) has been made for the Jute and Textile Ministry for FY26, Bangladesh finance adviser Salehuddin Ahmed announced yesterday while unveiling the FY26 national budget. Meanwhile, trade body BGMEA has applauded the government's decision to keep the source tax on exports and corporate tax for industries unchanged in the proposed budget. The revised budget for FY25 had allocated TK 4.98 billion for the ministry. Meanwhile, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has applauded the government's decision to keep the source tax on exports and corporate tax for industries unchanged in the proposed budget for next fiscal. This announcement is particularly significant for the readymade garment (RMG) sector, which faces immense pressure from domestic and global challenges, including recent US retaliatory tariffs, India's cancelled transhipments, high bank interest rates, rising wages, and frequent increases in gas and electricity prices, the BGMEA said in a press release. The budget plans to reduce the overall cost of electricity generation by 10 per cent to gradually decrease subsidies in the power sector, the BGMEA said. A decision has also been made not to raise electricity prices shortly to control inflation, which the BGMEA termed highly beneficial. Fibre2Fashion News Desk (DS)
Bloomberg
02-06-2025
- Business
- Bloomberg
Bangladesh Narrows Fiscal Deficit, Cuts Spending in Budget
Bangladesh's interim government targeted a smaller fiscal deficit and lowered spending in its maiden budget, as the South Asian nation aims to meet conditions for future International Monetary Fund loans, critical for the crisis-hit economy. The fiscal deficit for the year beginning July 1 is estimated at 3.6% of gross domestic product from 4.6% in the current year, Finance Adviser Salehuddin Ahmed said in a televised budget speech on Monday. That's the lowest since the 2010-11 fiscal year when it stood at 3.8%.
