Muhith hints at changing fiscal year

Staff Correspondent | Published: 22:38, Jul 05,2017

 
 

Finance minister AMA Muhith on Wednesday hinted at changing the fiscal year against the backdrop of demands by the economists for improving the implementation of the annual development programme.
Although the finance minister always opposed any change in the fiscal year in the past, he dropped the hint at a meeting with officials of the Institute of Diploma Engineers at the secretariat.
‘I was pretty convinced with the practice of the existing fiscal year that starts from July and concludes in June,’ he said.
But the demand by the economists influenced the Muhith to change his position about the fiscal year.
Some economists preferred the fiscal year to run from April to March, while others wanted that the fiscal year should start from January, he said.
The minister wants a public debate on fixing the first month of fiscal year.
Economists have been asking for changing the fiscal year to bring about improvement in the implementation of the ADP.
They argued that the beginning of the existing fiscal year coincided with the rainy season created problems in project preparation and their implementation.
Neighbouring India has announced recently that its fiscal year starting from April would be brought forward to start in January. 

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