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Tk2.63 lakh crore original ADP approved for FY24

BSS . Dhaka
11 May 2023 18:11:37 | Update: 11 May 2023 18:29:31
Tk2.63 lakh crore original ADP approved for FY24
Prime Minister Sheikh Hasina presides over the National Economic Council (NEC) meeting in Dhaka on May 11, 2023 — PID Photo

The National Economic Council (NEC) on Thursday approved a Tk 2.63 lakh crore original ADP for the next fiscal year (FY24), with the highest allocation of Tk75,945 crore (28.88 per cent of allocation) in the transport and communication sectors.

The approval came from a NEC meeting with its chairperson and Prime Minister Sheikh Hasina in the chair. Out of the original ADP allocation, Tk 1,64,185 crore will come from the local sources while Tk 90,728.18 crore will come from the foreign sources.

Briefing the reporters after the meeting, Planning Minister MA Mannan said that considering an allocation of Tk 11,674.02 crore, the overall ADP size has reached to Tk 2,74,674.02 crore.

The overall ADP size also includes an allocation of Tk 8086.82 crore as allocation in the development assistance sector.

Out of the overall ADP allocation of Tk 2,74,674.02 crore, Tk 1,79,895.09 crore will come from the local sources while Tk 94,778.93 crore will come from the foreign sources.

State Minister for Planning Dr Shamsul Alam, Planning Commission members and secretaries concerned were present at the briefing.

The total number of projects in the new ADP totaled 1,309 including 1,118 investment projects, 22 survey projects, 80 technical assistance projects and 89 projects from the autonomous bodies and corporations.

Replying to questions of the reporters, Dr 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 per cent.

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

Replying to another question, the Planning Minister said that the per capita income during the outgoing fiscal year has increased compared to the last year if it is calculated in Tk.

Revealing directives of the Prime Minister in the NEC meeting, the Planning Minister said that the Premier asked all concerned to uphold the self-respect and dignity of the country in all aspects.

Sheikh 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 Prime Minister as saying.

The Planning Minister said the premier also discouraged 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 Prime Minister expressed her 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 that 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 spent where it is necessary as per the rules and regulations and also to ensure the welfare and safety of the people,” he added.

Asked whether the government would take projects for appeasing people ahead of the next general election, both Mannan and Dr 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 people's welfare,” Mannan added.

He said that 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 the loans in due time if the World Bank lends more loans.