Finance Division, Ministry of Finance

Finance Division has initiated Revised Budget preparation process for the FY 2009 -10 which will be placed before Parliament in March/2010 for the first time following the stipulation made in the new legislation “Public Moneys and Budget Management Act, 2009”.

As part of the Macro-Modeling activity Finance Division recently updated the Medium Term Macro-economic Framework (MTMF) and for the first time three scenarios (e.g. base case, high case and low case scenario) have been developed for the MTMF.

Preparation of Ministry Budget Framework (MBF) for FY 2010 -11 of 32 MTBF Ministries/ Divisions will be completed soon. In the MBF concerned Ministries/ Divisions lay down their medium term strategy linking policies and priorities with resource allocation and resource allocation with the performance of departments and agencies. Another distinct feature of MBF is that it delineates impacts of public expenditure on poverty reduction and gender advancement.

A high level task force has been set up to monitor the likely affects of global economic recession and also to provide necessary suggestions for tackling any adverse impacts. Meanwhile, the Government has announced details of the incentive packages to the consequences of such impacts and to stimulate the economy.

Installation of Finance Division's Wide Area Network (WAN) has been completed. This is the biggest WAN in the country connecting Finance Division CGA, six divisional accounts offices , 20 MTBF Ministries/Divisions, 49 CAOs and the network of District Accounts Offices across the country. Work on the development of iBAS is continuing to introduce budgetary control at the CGA’s Accounting Offices.

All treasury branches of Sonali Bank Limited are now capturing transactions of government receipts and payments through specially developed software. And also the government transactions through Bangladesh Bank branches have been brought under the coverage of automation.