The government is planning to announce a budget of around Tk 100,000 crore for the upcoming fiscal year, with a proposal to allocate up to 15 percent of the amount for subsidizing essential commodities, according to bdnews24.com senior correspondent Abdur Rahim Harmachhi. This will be the first time in history that a caretaker government has proposed a complete budget for two consecutive fiscal years. Finance adviser AB Mirza Azizul Islam stated that up to Tk 15,000 crore will be allocated for fuel, food, and fertiliser, which is three times more than the previous fiscal year's allocation for similar subsidies. While spending on non-development sectors will exceed Tk 70,000 crore, the overall budget deficit is projected to be kept under five percent. Mirza Aziz stated that there would be no tax rate increases in the upcoming fiscal year, but import duties on certain goods might be raised to support local industry. He identified fuel price hikes in the global market, the world food crisis, and climate change-induced natural disasters as the primary challenges for Bangladesh in budget preparation. Despite the significant pressure on the economy from soaring oil prices internationally, the government has not yet decided to raise fuel prices. Aziz explained that oil prices had reached $139 per barrel as the budget was being announced, increasing by more than $10 in a single day, but fuel prices were not increased considering the overall situation. According to the adviser, a barrel of fuel cost $62 on the global market when the government last raised fuel prices in the country in 2007. The overall deficit in the budget for fiscal 2007-08 was projected at 4.2 percent. The finance adviser mentioned that the budget deficit is expected to slightly increase in the upcoming year due to higher subsidies for sectors such as fuel, fertiliser, and food. He reassured that the deficit would not exceed 5 percent. The finance adviser also stated that efforts would be made to widen the tax net in order to increase revenue income. The estimated revenue income for the upcoming fiscal year is expected to increase by 17 percent. In the 2008-09 budget, Tk 43,850 crore was allocated from NBR-controlled sources. The adviser mentioned that the tax structure in the budget would be favorable for businesses. He also stated that the discretionary power of tax officials would be limited and the tax collection process would be simplified. The target growth rate for the gross domestic product is set at 6.5 percent, with an estimated annual inflation rate of around 9 percent. The target for GDP growth in the fiscal year 2007-08 was set at 7 percent, with an average inflation rate of 6 percent. The finance adviser explained that achieving 7 percent growth in the fiscal year that just ended was not possible due to floods and cyclones. Initially, it was expected that the growth rate for the current fiscal year would be below 6 percent. However, the most recent data from the Bangladesh Bureau of Statistics reveals that the growth rate is actually 6.21 percent. In the previous fiscal year (2006-07), GDP growth was 6.5 percent. Mirza Aziz expressed that a significant worry for Bangladesh's economy is inflation. He emphasized that the point-to-point inflation rate dropped by three percentage points to 7.7 percent in April, according to data from the Bureau of Statistics. In March, the point-to-point inflation rate was recorded at 10.06 percent. Aziz highlighted that agriculture will be given top priority in the upcoming budget, with the sector receiving the highest allocation in the development budget. Mirza Aziz stated that the government had devised plans to create job opportunities for impoverished individuals in the upcoming fiscal year. As part of the scheme, one individual per family will be compensated for 100 days of work. Additionally, the number of recipients of various government benefits through the social safety net will be expanded. The advisor mentioned that efforts would be made to boost the buying power of those in fixed income brackets. Furthermore, there will be an announcement regarding an increase in the dearness allowance for government workers to alleviate the hardships brought on by rising prices. The finance adviser's budget speech will be aired live on government and private TV and radio channels at 3pm on Monday. Similar to last year, the government is encouraging public review of the proposed budget by sharing the budget speech, summary, and annual financial statement on www.mof.gov.bd. Printed copies will also be available starting at 3pm on Monday. Anyone can access and download the budget documents, provide feedback by completing forms, or submit written comments, recommendations, and criticisms until 5pm on June 16. All input will be taken into account and included in the final approved budget, allowing for public involvement in the process. The government has identified specific websites where the public can access the proposed budget, including www.bangladesh.gov.bd, www.nbr-bd.org, www.plancomm.gov.bd, www.imed.gov.bd, www.bdpressinform.org, and www.cao.gov.bd. Additionally, links to the documents will be provided on other government websites and on bdnews24.com.