The Bangladesh Economic Association (BEA) yesterday placed an alternative budget of Tk 1,240,090 crore for 2019-20, more than twice the size of the outlay Finance Minister AHM Mustafa Kamal is expected to unveil. Kamal may propose a budget of Tk 525,000 crore for the upcoming fiscal year in parliament on June 13. “Our alternative budget proposal is implementable though some may call us mad,” said Prof Abul Barkat, president of the BEA, at a press conference at the CIRDAP conference hall in Dhaka. “If I were the finance minister, I would propose such a big budget unless I am barred from doing so,” he said. The BEA's proposed budget gave priority on development expenditure, instead of non-development
HARRISBURG — Though the state heads into the final month of its fiscal year in strong financial shape, there's been little talk at the Capitol about using this opportunity to cut taxes, lawmakers said Friday. Through April, the state's revenue had beaten projections by $828.5 million, according to the Revenue Department. Both Republican leaders in the state House and Senate and Democratic Gov. Tom Wolf have indicated they think the state's tax windfall should be put into a Rainy Day Fund. Last July, the state made a $22 million deposit into that fund, the first contribution to the fund in almost a decade. “After taking care of our mandatory expenses and investments in schools and other critical
The political battle has been convincingly won. Now, the NDA government must take on — and win — the economic challenges staring the country in its face. The four major engines of the economy — private investment, exports, private consumption and now even public investment — have stalled or are sputtering. Irrespective of the data — not withstanding growing concerns about their credibility — the economy's health warrants concern. GDP growth has been slowing. The crucial automobile sector is hurting. Agricultural distress, lack of fiscal manoeuvrability, serious concerns around unemployment and a stubborn investment drought in the private sector are among a slew of challenges that the new government
The common European currency – the euro – came into being 20 years ago. Since January 1, 1999, the euro has been widely used in cashless money transfers. On January 1, 2002, banknotes and coins were introduced into circulation. How did the European countries benefit from the single currency? How many profited from its introduction? In the early 1990s, the European Community entered a new stage of development which was characterized by a transition to a higher level of integration within it and expansion to include more members. This was provided by the Treaty on European Union, which was signed on February 7, 1992 in the Dutch city of Maastricht and entered into force on November 1, 1993. The
Caption Close SPRINGFIELD, Ill. (AP) — The Illinois General Assembly commenced its spring session in January with a bold directive from new Gov. J.B. Pritzker for a balanced budget, legalized marijuana and sports betting, a revamped income tax system, and a multibillion-dollar state construction program. It enters its final week with most of that work uncompleted. It's nothing new. Illinois lawmakers, whose scheduled adjournment is May 31, invariably push their heaviest work off to the closing hours. Once, faced with a midnight end-of-session deadline on a key vote, a Capitol wall clock was stopped so that the vote could be recorded before both hands hit "12." Here's a look at the workload: BALANCED
MEXICO CITY (Reuters) - Mexico's hospitals are reeling under steep budget cuts by the country's new government, with surgery delays for children, reductions in testing and staffing shortages, hospital directors said on Friday, fanning anger over President Andres Manuel Lopez Obrador's austerity measures. In its first budget in December, the government slashed the budget from several ministries as it sought to centralize spending and fight public sector corruption. It was also eager to honor a campaign pledge to run a tight budget. Other services hit by the cuts include immigration and shelters for victims of domestic violence. The Federico Gomez public children's hospital in the Doctores neighborhood
After failing to get a deal last year, lawmakers approved a sweeping plan to update the state's tax code. It is needed after the federal Tax Cuts and Jobs Act of 2017 implemented a new, larger standard deduction in exchange for eliminating or scaling back many popular deductions and credits. Minnesota's changes, which are similar to ones in the federal bill and referred to as tax conformity, should make it easier for residents to file their state tax returns next year. TAX CUTS Under the tax deal, Minnesota's second income tax tier will drop from 7.05 percent to 6.85 percent. It impacts couples earnings between $37,850 and $150,380 and individuals earnings between $25,890 and $85,060. That cut
Ontario financial accountability officer Peter Weltman said last week that Premier Doug Ford can balance the provincial budget by 2023-24, but it's going to be difficult. To succeed, the Ontario economy will have to remain relatively strong, the government will have to limit annual spending growth to 1% and find $6 billion in additional savings, Weltman said in his spring economic outlook. Even then, the budget won't be balanced until a year after the next Ontario election in 2022 (as Finance Minister Vic Fedeli made clear in his 2019 budget), assuming Ford and the Progressive Conservatives are re-elected. As a non-partisan financial watchdog of government spending like auditor general Bonnie
One of the big mysteries that has dogged investors since the end of the Great Recession relates to what the Federal Reserve will do with its $4 trillion-plus stockpile of bonds. During the worst financial crisis of our lifetimes, the Fed and other central banks purchased Treasurys, mortgage-backed securities, and other debt instruments to keep borrowing costs low. It was an unprecedented policy move — and it worked. Now that there's widespread curiosity about the timing of the next recession, the Fed is scrutinizing the tools at its disposal. This much was clear in minutes of the Fed's most recent policy meeting released earlier this week. One of the tools under consideration was the so-called
The next budget will be based on austerity, Finance Adviser Abdul Hafeez Shaikh told reporters Saturday, referring to the spending plan for the year beginning July. The government targets to cap flow of circular debt in the power sector by 2020, he added. Pakistan this month secured a $6 billion loan from the International Monetary Fund to help avert a balance-of-payments crisis following high fiscal and current-account deficits and dwindling foreign exchange reserves.
European Central Bank presidential hopeful Olli Rehn spelled out the challenges facing Mario Draghi's successor in an interview published on Saturday, but declined to comment on the process. The ECB rate setter and Bank of Finland chief has been tipped as a potential successor to Draghi when the ECB president leaves on Oct. 31, but the process is steeped in secrecy. "I trust that EU decision makers will find a person for the job who will be able to manage it even through tight spots which will also come," Rehn was quoted as saying by Finland's Helsingin Sanomat newspaper.
Finance Minister Taro Aso said Tuesday that the scheduled consumption tax hike and whether to dissolve the Lower House for a snap election should be considered separately. The tax “has nothing to do with” the question of whether to call an election, Aso, who is also deputy prime minister, told a news conference. He was commenting on speculation that Prime Minister Shinzo Abe will dissolve the Lower House for a general election to ask voters whether the tax hike from 8 percent to 10 percent should be carried out in October as planned, or postponed again. Aso added that the economy will continue to recover thanks to fiscal stimulus after government data released Monday showed surprising growth.
If Prime Minister Modi's 2014 mandate was India's biggest in three decades, his 2019 re-election was an even bigger feat. Modi cruised to victory amid agrarian distress, youth unemployment, high income inequality, anemic growth, a broken financial system and the promise of a basic income for 50 million of the country's poorest families by the Congress, making the win even more momentous. The new government will hit the ground running as it looks to get economic growth back on track by simplifying taxes, easing compliance and spurring demand. The finance ministry and other departments have already prepared measures aimed at stimulating the economy that need to be taken by the new government.
If it weren't for the Center for Malaria Studies in Caracas, Francelis Pacheco would have been unable to get treatment for a disease she has contracted around 20 times. Pacheco, 25, sells clothes and cigars in the claustrophobic tunnels of gold mines in southern Venezuela's Bolivar state, where a type of malaria-carrying mosquito is particularly active. "If it weren't for (treatment) here, honestly I don't know what I would have done," Pacheco told AFP as she waited in the clinic for a new diagnosis, having spent several months in Bolivar state and neighboring Guyana, some 600 kilometers (370 miles) from her Caracas home.
Illinois lawmakers have 5 days left, 5 big issues to settle The Illinois General Assembly commenced its spring session in January with a bold directive from new Gov. J.B. Pritzker for a balanced budget, legalized marijuana and sports betting, a revamped income tax system, and a multibillion-dollar state construction program. It enters its final week with most of that work uncompleted. It's nothing new. Illinois lawmakers, whose scheduled adjournment is May 31, invariably push their heaviest work off to the closing hours. Once, faced with a midnight end-of-session deadline on a key vote, a Capitol wall clock was stopped so that the vote could be recorded before both hands hit "12." Here's a look