The government is planning to unveil a crucial budget for 2020-21 fiscal focusing on measures and safety net initiatives to address the challenges created by the global coronavirus outbreak.

Sources say that the government may unveil a Tk 5.5 trillion budget for the upcoming fiscal aimed at keeping the wheels of the economy running during the imminent global recession.

Analyst says the budget must be a time befitting one in addressing the ongoing economic crisis.

“The focus of the budget should have at least three angles—controlling corona situation, supporting livelihoods and recovery of the economic fallout,” Policy Research Institute executive director Ahsan H Mansur told the daily sun.

He said the government may formulate an interim budget for six months to address the current situation.

“The situation is so volatile that the reliability of the budgetary figures may remain comparatively low,” he said, adding that the development projects may also be run smoothly if an interim budget is rolled out.

The government may place the proposed budget on June 11.

Under the context, Prime Minister Sheikh Hasina is scheduled to hold a meeting on the upcoming budget today.

The meeting will be held at her official residence Ganabhaban in the capital.

The government may cut down its allocation for development sector while it has to increase allocations in some other sectors, including the agriculture, education and health.

The government might rethink funding in the ongoing mega projects, except the Padma Multipurpose Bridge, as it has to pay attention to other sectors this time.

After the World Bank’s withdrawal of its promised $ 1.2 billion loans on corruption charges, Prime Minister Sheikh Hasina took it a challenge to construct a 6.15-km bridge with internal resources.

The 29^th span of the bridge has already been installed at Mawa point in Munshiganj, making visible 4.35 kilometres of the bridge.

The government unveiled a Tk 523,190 crore (Tk 5.23 trillion) budget last year setting the country on a higher growth path with wider tax net, more investment and jobs, higher domestic demands and exports while expanding social protection.

The total revenue collection target has been set at Tk 3.77 trillion where NBR’s target is Tk 3.25 trillion.

The NBR has already missed the July-March target of Tk 2.21 trillion by around Tk 561.4 billion.

“The projection target on revenue collection was not realistic in the current fiscal. Keeping the current situation in mind, the revenue collection should be a realistic one in the upcoming budget for 2020-2021,” Mansur said.

The Finance Division has sent a proposal of Tk 2.05 trillion ( Tk 2,05,145 crore) for the Annual Development Program (ADP) in the fiscal year 2020-21, which is 6 per cent higher than the current financial year.

Out of this development allocation, the government’s internal resource stands at Tk 1.34 trillion (Tk134643 crore) and the amount of foreign aid is Tk 705.02 billion (Tk 70502 crore).

The Ministry of Finance has advised the Ministry of Planning to prepare the Annual Development Program (ADP) by May 15.

According to ministry sources, the social security program has been given priority in the budget for the next financial year with the aim of overcoming the economic crisis of the people.

Tk 957.19 billion (Tk 95,719 crore) will also be spent from the budget for the implementation of the incentive package announced by the government, which is equal to 3.5 per cent of the gross domestic product.

Ruling Awami League leaders say it is a big challenge for the government to outlay a budget amid the ongoing coronavirus outbreak.

Awami League presidium member Mohammad Nasim told the Daily Sun that it is definitely a big challenge for the government for outlining a budget for the next fiscal amid the global outbreak of the COVID-19.

“This is for the first time the government is facing such a situation. Keeping the economy vibrant is a challenge as the country’s economy has been stagnant while revenue collection has also been halted,” he said.