NEC approves Tk 2.63 lakh crore ADP for FY24

Dhaka Prokash BSS

11 May 2023, 08:58 pm | Updated: 07 December 2023, 12:48 pm

NEC approves Tk 2.63 lakh crore ADP for FY24
Photo: Collected

The National Economic Council (NEC) on Thursday approved a Tk 263,000 crore Annual Development Programme (ADP) for the next fiscal year (FY24) making highest allocation of Tk 75,945 crore (28.88pc of allocation) in the transport and communication sector.

The approval came from a meeting of the NEC held with its chairperson and Prime Minister Sheikh Hasina in the chair at the NEC Conference Room here in the city.

Out of the original ADP allocation, Tk 169,000crore will be drawn from the local sources while Tk 94,000 crore will come from the foreign sources.

Briefing reporters after the meeting, Planning Minister MA Mannan said considering an allocation of Tk 11,674.02 crore (from autonomous bodies), the overall ADP size reached Tk 2,74,674.02 crore.

The total number of projects in the new ADP totaled 1309 including 1118 investment projects, 22 survey projects, 80 technical assistance projects and 89 projects from the autonomous bodies and corporations.

Replying to questions from reporters, State Minister for Planning Shamsul Alam said that as per the provisional estimation of BBS, the GDP growth of Bangladesh in the outgoing fiscal year (FY23) would reach 6.03 percent.

Besides, the rate of implementation of the ADP during the July-April period of the current fiscal year reached 50.33 percent with an expenditure of Taka 1,19,064.39 crore.

Replying to another question, the planning minister said the per capita income in the outgoing fiscal year has increased compared to the last year if it is calculated in Taka.

Revealing directives of the prime minister in the NEC meeting, the minister said the premier asked all concerned to uphold the self respect and dignity of the country in all aspects.

Hasina also asked all concerned to remain cautious and maintain austerity in public expenditure avoiding unnecessary spending and luxurious mindset. “We’ll spend but we must spend where it is required,” Mannan said quoting the PM as saying.

Mannan said the premier also discouraged avoiding unnecessary foreign trips by the public servants, exploring alternate export markets since the extent of production and exportable items have increased over the years.

He said that the PM expressed satisfaction at the meeting since the size of ADP has increased compared to last year.

The prime minister emphasized on removing the barriers in attracting foreign direct investment (FDI) side by side directed the secretaries concerned so that the foreign loan supported projects are implemented in a speedy manner.

Mannan said the premier asked those ministries and divisions which have enough capacity to come up with more projects as well as directed all ministries and divisions in general to expedite their rate of implementation.

“We’ll have to spend pursuing austerity…every penny should be spend where it is necessary as per the rules and regulations and also to ensure the welfare and safety of people,” he added.

Asked whether the government would take projects for appeasing people ahead of the next general election, both Mannan and Alam said that the government would continue to work to materialize its election manifesto. “We’ll continue to work as per our election manifesto…we work for ensuring peoples welfare,”Mannan added.

He said they would continue their efforts also in the next year to expedite the rate of ADP implementation.

The planning minister said the prime minister during her recent tour in Washington told the World Bank that Bangladesh would repay loans in due time if it provides more loans.

Planning Division Secretary Satyajit Karmakar said that from now on they would officially use the term direct project loan or direct project grant instead of foreign aid.

He informed that the NEC also took a decision to reflect the investments made under the Climate Change Trust Fund in the ADP.

Satyajit said the PM asked the ministries and divisions that are falling behind to put utmost efforts to enhance their capacity and implement the ADP.

The PM also opined that ministries like Women and Children Affairs and Environment, Forests and Climate Change could come up with more projects.

Considering the highest 10 sector-wise allocation, the power and energy sector received the 2nd highest allocation of around Tk 44,393 crore (16.88%) followed by education sector with Tk 29,889 crore (11.36%), housing community facilities with Tk 27,046 crore (10.28%), health sector with Tk 18,880 crore (7.18%), local government and rural development with Tk 16,204 crore (6.16%), agriculture sector with Tk 10,707 crore (4.07%), environment, climate change and water resources with Tk 8,995 crore (3.42%), industry and economic services with Tk 5,362 crore (2.04%) and science and information technology sector with Tk 5,321 crore (2.02%).

According to the new ADP for FY24, the highest 10 allocation recipient ministries and divisions are Local Government Division with Tk 40,503 crore (15.40% of allocation), Road Transport and Highways Division with Tk 34,062 crore (12.95%), Power Division with Tk 33,775 crore (12.84%), Railways Ministry with Tk 14,960 crore (5.69%), Secondary and Higher Education Division with Tk 14,086 crore (5.36%), Science and Technology Ministry with Tk 12,980 crore (4.94%), Health Services Division with Tk 12,209 crore (4.64%), Ministry of Primary and Mass Education with Tk 12,018 crore (4.57%), Ministry of Shipping with Tk 9,474 crore (3.60%) and Bridges Division with Tk 9,064 crore (3.45%).

Out of the highest allocation recipient 10 projects in the new ADP, the Rooppur Nuclear Power Plant Project received an allocation of Tk 9,707 crore followed by Matarbari 2x600 MW Ultra SuperCritical Coal Fired Power Project, 1st revised with Tk 9,081 crore, 4th Primary Education Development Programme (PEDP-4), 1st revised with Tk 8,586 crore, Dhaka-Ashulia Elevated Expressway Construction, 1st revised with Tkv5,870 crore, Padma Bridge Rail Link, 1st revised project with Tk 5,500 crore, Hazrat Shahjalal International Airport Expansion, 1st phase, 1st revised with Taka 5,499 crore, Physical Feasibility Development (PFD), 1st revised with Tk 4,696 crore, Dhaka Mass Rapid Transit Development Project (Line-1) with Tk 3,911 crore, Bangabandhu Sheikh Mujib Railway Bridge Construction project with Tk 3,778 crore and Dhaka Mass Rapid Transit Development Project (Line-6), 2nd revised with Tk 3,425 crore.

Category : Economy