DHAKA, July 9, 2024 (BSS) - Former Bangladesh Bank Governor Dr Atiur Rahman has said that engaging youths in budget discussions would contribute towards macroeconomic advancement.

"There is no alternative to building a knowledge-based society to realize Bangladesh's potentials. To do so, we must engage the youth more in the National Budget making and implementation processes," he said.

Emeritus Professor Dr Atiur, also Unnayan Shamannay's Chairperson, said this today while chairing a dialogue session on the Budget 2024-25 with young citizens.

Students from different universities of the country participated in this dialogue session. Bank Asia PLC's Additional Managing Director Shafiuzzaman and Unnayan Shamannay's Research Director Abdullah Nadvi were also present as discussants, said a press release.

The event was organized under the 'Amader Sangsad' program which is jointly being implemented by the Bank Asia PLC and Unnayan Shamannay.

This program is providing National Budget related information and research support for stakeholders including the honorable Members of the Parliament.

Dr. Atiur Rahman further pointed out that the Budget for FY2024-25 has been prepared and finalized in a very challenging macroeconomic environment.

"Controlling inflation along with maintaining macroeconomic stability is the top priority for this Budget. This goal must be attained even at the cost of sacrificing GDP growth if necessary," he added.

In response to a question from the students, he opined that the budget-makers have opted for a somewhat contractionary fiscal policy considering the challenges facing the economy.

He acknowledged that this contractionary fiscal move is most likely to leave some effect on sectors like education, health, and social security. Therefore, he added- unprecedented level of commitment will be required to implement the proposed budget.

Shafiuzzaman inferred that private sector credit growth is likely to suffer due to government relying on domestic banking sector (to a significant extent) for financing its budget deficit in FY2024-25.

However, he added, through ensuring right set of reforms in the revenue mobilization processes, the government may reduce its dependence on domestic banks.

Moderator of the session and Head of Program for Unnayan Shamannay- Shaheen Ul Alam expressed his gratitude to Bank Asia PLC for supporting the 'Amader Sangsad' program activities.