Dhaka, June 1 -- As the government unveiled a Tk 7.61 trillion spending plan for the upcoming fiscal year to get the ball rolling on the 'Smart Bangladesh' initiative, more than 17 per cent of the record budget deficit will have to be offset by loans amid looming fears of recession.

Finance Minister AHM Mustafa Kamal tabled the pre-election budget, the biggest in the country's history, in parliament on Thursday, reports bdnews24.com.

With a strong emphasis on reining in inflation, the minister plans to mobilise Tk 5 trillion from revenue earnings in FY24, a 15 per cent increase from FY23.

But the budget runs a deficit of more than Tk 2.61 trillion, or 5.2 per cent of the GDP.

Historically, governments have sought to cap budget deficit...