(July 14, 2009) On June 30, 2009, Bangladesh's Parliament passed a $16.5 billion budget for the fiscal year 2009-2010, despite the absence of the opposition Bangladesh National Party (BNP). According to the Finance Minister, the global recession has had an adverse impact on three sectors: exports, imports, and remittances.
The budget focuses on creating new jobs, raising civil servants' pay, relaxing senior citizens' tax liability, and creating jobs for high school graduates. In the service sector, the budget allocates 22.6 percent of resources to address problems related to the global economic recession. Thus, it provides for tax incentives and cash allowances aimed at helping exporters hit by the world economic crisis. The budget also includes provisions on legalizing money individuals had not previously disclosed for tax purposes and on changes to import duties. The budget is expected to reduce poverty, develop the agricultural sector, widen the social safety net, and boost industrial development. (Parliament Passes Budget, BANGLADESH NEWS, July 1, 2009, available at http://www.independent-bangladesh.com/2009063011099/business/parliament-
passes-budget.html; Taka 1,13,819 Crore National Budget for 2009-10 Passed, BANGLADESH SANGBAD SANGSTHA (BSS), July 10, 2009 available at http://www.bssnews.net/newsDetails.php?cat=7&id=42649&date=2009-