'Budget could lead to catastrophe like Sri Lanka'

Jatiya Party (JPA) chairman and deputy leader of the opposition GM Quader has said that the increase in foreign debt in the budget could lead to a catastrophe like the one in Sri Lanka. GM Quader told reporters in the National Assembly tunnel after presenting the 2022-23 budget in Parliament on Thursday (June 9) afternoon. The JPA leader said, “The budget has shown a deficit of Tk 2.5 lakh crore, which is above 5 percent of GDP. Again, 36 percent has relied on internal debt. If the amount of internal debt is high, the investment of traders may be hindered. As a result, the path to new employment creation may be narrowed. Again, the amount of foreign debt is 14.2 percent. The rising foreign debt could lead to a catastrophe like the one in Sri Lanka. " GM Quader said, “The announced budget for 2022-23 is ambitious. Due to the Corona epidemic and the Russia-Ukraine war, instability is already prevailing in the world market. And that's why the price of various products, including fuel oil, is on the rise. The Jatiya Party chairman further said, “The value of money is declining against the dollar. Due to inflation, the life of middle and lower class of the country may become difficult. On the other hand, there should have been an initiative to buy essential commodities including rice, pulses, oil from the world market and sell them to the poor at low prices with subsidy. Besides, the tax collection target has been set at Tk 42,000 crore more than last year. The adverse effects of extra taxes will only add to the suffering of ordinary people. ” Japar Senior Co-Chairman Barrister Anisul Islam Mahmud was present at the time, Secretary General. Mujibul Haque Chunnu, Co-Chairman Kazi Firoz Rashid, Syed Abu Hossain Babla, Presidium Member Moshiur Rahman Ranga, Barrister Shamim Haider Patwari, Advisor to the Chairman Sherifa Quader.