The interim government announced on Wednesday that it will temporarily suspend the implementation of the country's five-year plans as part of a shift in its economic strategy.
"We are suspending the five-year plan for now. It's not our focus at the moment," Adviser to the Ministries of Planning and Education Dr Wahiduddin Mahmud told reporters during a briefing at the NEC conference room following the first Executive Committee of the National Economic Council (ECNEC) meeting under the interim government, which was formed on August 8, reports UNB.
This is also the second meeting of the ECNEC in this fiscal year (FY2024-25), which was held at Chief Adviser's Office in Dhaka’s Tejgaon with Chief Adviser Dr Muhammad Yunus in the chair.
At the meeting, Wahiduddin, who also serves as the education adviser, explained that a government task force has been established to explore new directions for the country's economy and its financing. "They will submit their report within three months," he said.
However, the government will not wait for the task force’s findings to start taking action. "We don't need to wait for that. We're already preparing new projects at a rapid pace," he added.
The adviser noted that while the country has made significant progress in infrastructure development in recent years, it lags in human resource investment, particularly in education and training. "We have to launch some new initiatives quickly in these areas," he stressed.
When asked whether the suspension of the 8th Five-Year Plan is a major policy decision, Dr Wahiduddin replied in the negative.
“It's not a matter of suspension of the Plan afresh, as it's already remained suspended," he said.
“There are no similarities between this plan and the national budget framed by the Ministry of Finance,” he added.
About the future of the 9th Five Year Plan, he said that the next political government would frame their plan as per their choices, “probably to turn Bangladesh as a higher middle-income country or developed country...we won't take any major political decision. The Five-Year Plan is a political document which incorporates political directives and philosophy.”
The Eighth Five-Year Plan (8FYP), which covers the period from July 2020 to June 2025, was approved by the National Economic Council in December 2020 under the leadership of then-Prime Minister Sheikh Hasina. It succeeded the Seventh Five-Year Plan and was the first major document aligned with the long-term ‘Perspective Plan of Bangladesh 2021-2041.’
The 8FYP is a comprehensive policy framework that addresses issues ranging from an assessment of the Seventh Plan’s progress to macroeconomic strategies and sector-specific goals, setting both quantitative and qualitative targets for the country's development.
4 projects approved
The ECNEC meeting also approved a total of four development projects involving an overall estimated cost of Tk 1,222.14 crore.
Wahiduddin said that out of the overall outlay of Tk 1,222.14 crore, Tk 963.82 crore will come from the government of Bangladesh portion, Tk 100.16 crore as project assistance while the rest of Tk 158.16 crore from the concerned organisation's own fund, reports BSS.
The two new approved projects are- "Two Appraisal Cum Development Wells (Sundalpur-4 & Srikail-5) and Two Exploratory Wells (Sundalpur South-1 & Jamalur-1)" with Tk 588.40 crore and "Sustainable Social Services Delivery in Chattogram Hill Tracts (2nd Phase)" Project with Tk 400 crore.
Besides, two other revised projects are – "Bakhrabad-Meghnaghat-Haripur Gas Transmission Pipeline, 1st revised" with an additional cost of Tk 70.63 crore and "Tottho Apa: Empowering Women Through ICT Towards Digital Bangladesh Project, 2nd phase and 2nd revised" with an additional cost of Tk 163.11 crore with the project timeframe reducing to one year.
Additionally, the adviser said the title of the Tottho Apa project would be changed.
Advisers and secretaries concerned attended the meeting.
Earlier, the last ECNEC meeting was held on July 2 under the previous Awami League government at the Planning Commission.
