Medium Term Budget Framework 2016-17 to 2018-19

Bangladesh continues to make important strides in maintaining a robust growth rate and broad based economic development. Progress over the last decade has considerably improved the livelihood of the population with real GDP growing at an average of about 6 percent per year. Some transitory negative events contributed to slower growth in 2016-17, including a restructuring of the garments sector and the challenges of a recovering but still weak global economy. However, the government is committed to continue to press ahead with accelerated development despite these temporary obstacles in order to achieve the goal of Bangladesh attaining the middle income country status by 2021.To this end, the Government has in place an ambitious agenda. Our plans for building up social infrastructure, agricultural and industrial development, and promoting human capital formation require not just a commitment of fiscal resources. They also require better allocations of the available resources, and more effective management and deployment of those resources to deliver the goods and services (outputs) that bring tangible benefits to the population. The Medium-Term Budget Framework (MTBF) is one key prong of the broad based public financial management reforms aimed at achieving this objective. The MTBF incorporates the Ministry Budget Frameworks (MBFs) that set out for each Ministry, Division and Other Institution, their strategic objectives and priorities, key performance and output indicators and their targets for the Ministry/Division and their operating units. Such target setting is an effective mechanism for enforcing accountability by Ministries, Divisions and Other Institutions for the use of resources allocated to them. This accountability will increase as other reform elements, such as Medium-Term Strategic and Business Plan, and Annual Performance Report based on the MBF targets, are progressively put in place. Many other reform initiatives, like new budget classification

Write a review

Do you have any questions about Medium Term Budget Framework 2016-17 to 2018-19?