BKF suggests 95 per cent implementation of ADP

Bangladesh Knowledge Forum (BKF), a knowledge collaboration platform, on Sunday, recommended 95 per cent implementation of the Annual Development Programme (ADP) in the upcoming National Budget 2023.

The budget should aim at achieving accelerating inclusive growth to meet current and prospective Five Year Plan (FYP) targets, the efficiency of key sectors (priority to education, agriculture, ICT) to support growth and food security, the BKF members said at its monthly meeting, according to a press release.

BKP expects that the budget will aim at achieving the following objectives: accelerating inclusive growth to meet current and prospective FYP targets, the efficiency of key sectors (priority to education, agriculture, ICT) to support growth, Food Security,

They also underscored the necessity of broadening the revenues base to elevate the proportion of revenues to 15 per cent of GDP, entrepreneurship and skills expansion programmes in urban and rural areas and improved competitiveness of public sector institutions.

Chaired by BKF President Economist Parvez Imdad and co-chaired by BKF Vice-President Niaz Rahim, the meeting suggested revitalising the financial sector with monetary policy adjustments and increased accountability, and expenditure rationalisation.

The national budget should also focus on cutting down project cost escalation, reducing external borrowing and monitoring debt, elevating incentives for increased local and foreign investment, and broadening social protection and safety nets, the speakers stated.

The budget must highlight policy and fiscal incentives for the key growth drivers, stimulating overseas remittances and RMG exports, they added.

Bangladesh Knowledge Forum also suggests enhanced budgetary thrust on knowledge-driven institutional improvements for the public sector and mechanisms for improved and efficient delivery of goods and services in rural and urban areas.

There is a need to strengthen economic and financial monitoring and surveillance to check probable fiscal slips, and unauthorised flight of resources and to promote domestic economic resilience to cushion the impact of external shocks, BKF activists opined.

The platform for experts, policymakers, and other practitioners in related fields, started its journey on January 3, 2022, with a view of promoting a knowledge-based society.

BKF support the promotion and expansion of knowledge and knowledge-driven inputs, tools, and mechanisms for the overall economic and social development of the country through public and private engagements.