Finance Division, Ministry of Finance
The National Budget formulation process of the FY 2014-15 has begun with the issuance of Budget Call Circular-1 (BC-1). As first stage of the process, the Medium Term Macro Economic Framework (MTMF) has already been updated for FY 2014-15 to 2016-17. The primary indicative expenditure ceilings and the revenue targets for the line ministries have been set and made available on the website of the Finance Division. Through BC-1, line Ministries are requested to update their Ministry Budget Framework (MBF) where the Ministries will update their latest medium-term strategy and expenditure plan.
With a view to enhancing citizens’ understanding of the national Budget and to ensure their effective participation in the budget formulation process, Finance Division is going to publish a Budget Booklet for FY 2014-15 both in Bengali and English.
Finance Division has been implementing “Deepening Medium Term Budget Framework and Strengthening Financial Accountability” (DMTBF & SFA) Project to undertake reforms in the Public Financial Management system. A range of activities to deliver key outputs are well in progress. All the budget entities have been brought under the MTBF process. A macro fiscal model has been developed along with establishing a macro-economic database. Development of a new Chart of Accounts and Integrated Budget & Accounting System (iBAS++) is underway.
As part of the process of creating a critical mass of trained officials in Public Financial Management, Finance Division continues to deliver a 10-week flagship training course called “Fiscal Economics and Economic Management (FEEM). The 14th FEEM course is going on while the 15th course will be commenced on January 19, 2014. The top 10 participants from each FEEM course are awarded scholarships to pursue a one-year Masters Programme abroad. As many as 151 participants have completed their Masters from the reputed universities of the United Kingdom and Japan.
In addition, Finance Division has launched another flagship course namely “Budget Management Specialist (BMS) Course” for the line Ministry budget officials. Five top participants from each BMS course are also sent abroad for advanced training on Public Financial Management. The 4th Budget Management Specialist course is now going on.