Visa restriction must not affect exports to USA, EU: AB Party

Amar Bangladesh Party or AB Party said it fears that the already strained relationship can even get worse in the coming months in light of the recent visa restrictions by the USA State Department.

Given that it is our largest export destination, as well as European Union, budget must spell out measures to assure domestic exporters. Over four million, mainly women and girls, families are somehow connected with the RMG sector which cannot be taken as a bet, the party said.

Leaders of AB Party made the remarks at a pre-budget briefing on Sunday afternoon at its central office. Asaduzzaman Fuaad, joint member secretary, moderated the session and presided over by professor Abdul Wahab Minar, joint convenor. AFM Solaiman Chowdhury, a retired bureaucrat/former NBR Chairman and Convenor of AB Party read the briefing; Zia Hasan, Germany based Economic and Development Researcher, Abul Kalam Azad, management consultant, also spoke at the event as guests.

Breaking the cycle of syndicate causing unprecedented price hike and inflation is crucial to ease the daily lives of tens of millions of working class and low income families. Budget should not be a tool to boost earning for the public servants and mercenaries close to regime and its unelected rulers. Our reserve is on the rapid decline causing panic in dollar market, affecting imports to fall up to 40 per cent, comparing to last financial year.

AB Party proposes to form Budget Assembly to strengthen the local government where every elected chairman and mayor of district council, subdistrict council, towns and city corporation would take part in preparing the national budget as well as the prominent economists and civil society members. This would give the nation ownership to its revenue and expenditures.

Zia Hasan said, loan and deficit based budget is unsustainable in the coming years. Debt servicing would put extra pressure on revenue and annual development. Projected revenue collection is also impractical considering the track record of previous years. Overall, revenue budgets out-phase the development sectors. Debt to GDP ratio is getting too high to be bailed out the country in future.

Abul Kalam Azad said, rates of various taxes and VAT should not be variable and changed in every financial year; to avoid confusion and stability, businesses expect to fix the rates to a term of years. Budget briefing also outlined proposition in regards to safeguarding environment, agriculture and interest of farmers, eradicating corruption, reducing unemployment, modernising education and public health care service.