NEC approves Tk 2.63 trillion basic ADP for FY24

NEC approves Tk 2.63 trillion basic ADP for FY24

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The National Economic Council (NEC) today approved the highest-ever allocation of Taka 759 billion (28.88% of the allocation) to the transport and communication sector of the 2.63 trillion basic ADP for the next fiscal year (FY 24).

The approval was received in a meeting chaired by NEC chairperson and Prime Minister Sheikh Hasina today.

Of the original ADP allocation of Taka 2.63 trillion, Taka 1.69 trillion will come from local sources while Taka 940 billion will come from foreign sources.

Briefing reporters after the meeting, Planning Minister MA Mannan said that considering the allocation of Taka 116.74 billion for autonomous bodies and corporations, the total ADP size has reached Taka 2.75 trillion. The total ADP size also includes an allocation of Taka 80.86 billion as allocation in the development assistance sector.

Of the total ADP allocation of Taka 2.75 trillion, Taka 1.8 trillion will come from local sources while Taka 948 billion will come from foreign sources.

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

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

Responding to questions from reporters, Shamsul Alam said that according to the provisional estimate of BBS, Bangladesh’s GDP growth in the current financial year (FY23) would reach 6.03 per cent.

Further, the rate of implementation of ADP during the July-April period of the current financial year reached 50.33 per cent with an expenditure of Rs 1.19 trillion.

In response to another question, the Planning Minister said that per capita income has increased during the last financial year as compared to the previous financial year, if calculated in taka.

Disclosing the instructions of the Prime Minister in the NEC meeting, the Planning Minister said that the Prime Minister asked all concerned to maintain the self-respect and dignity of the country from all aspects.

Sheikh Hasina asked all concerned to remain vigilant and maintain austerity in public expenditure to avoid unnecessary expenditure and luxury mindset. “We will spend, but we must spend where it is needed,” Mannan quoted the prime minister as saying.

The planning minister said the premier also discouraged unnecessary foreign trips by public servants, adding that production and the amount of exportable goods have increased over the years since the search for alternative export markets.

He said the Prime Minister expressed satisfaction over the meeting as the size of the ADP has increased as compared to last year.

The Prime Minister stressed on removing bottlenecks in attracting Foreign Direct Investment (FDI), as well as directed concerned secretaries to ensure that foreign debt-backed projects are implemented expeditiously.

Mannan said the premier asked the ministries and divisions that have enough capacity to come up with more projects and also directed all ministries and divisions to accelerate the rate of implementation.

He said, “We have to follow austerity in spending… Every penny should be spent where it is required as per the rules and regulations and also to ensure the welfare and safety of the people.”

Asked whether the government would start projects to appease the people ahead of the next general election, both Mannan and Shamsul Alam said the government would continue to work to implement its election manifesto. “We will continue to work as per our election manifesto… We work to ensure the welfare of the people,” Mannan said.

He said that he would continue his efforts in the next year also to accelerate the rate of ADP implementation.

The Planning Minister said that the Prime Minister had told the World Bank during his recent visit to Washington that Bangladesh would repay the loan in due course if the World Bank gives more loans.

Planning Department Secretary Satyajit Karmakar said that henceforth they would officially use the terms Direct Project Loan or Direct Project Grant instead of foreign aid.

He informed that the NEC has also decided to reflect the investments made under the Climate Change Trust Fund in the ADP.

Satyajit said the Prime Minister asked the laggard ministries and departments to make utmost efforts to enhance their capacity to implement the ADP.

He also said that ministries like Women and Child Affairs and Environment, Forest and Climate Change can come up with more projects.

Considering the highest 10 sector-wise allocations, the power and energy sector received the second highest allocation of around Taka 444 billion (16.88 percent), followed by the education sector at Taka 298 billion (11.36 percent), housing and community facilities 270 billion taka was received. (10.28 percent), health sector with 188 billion taka (7.18 percent), local government and rural development with 162 billion taka (6.16 percent), agriculture sector with 107 billion taka (4.07 percent), environment, climate change and water Taka 89 billion (3.42 percent) for resources, Taka 54 billion (2.04 percent) for industry and economic services, and Taka 53 billion (2.02 percent) for the science and information technology sector.

According to the new ADP for FY24, the top 10 ministries and divisions receiving allocations are Taka 405 billion (15.40 percent of the allocation), Road Transport and Highways Division with Taka 341 billion (12.95 percent), Power Division with Local Government Division Are. Taka 338 billion (12.84 percent), Ministry of Railways with Taka 149 billion (5.69 percent), Department of Secondary and Higher Education with Taka 141 billion (5.36 percent), Ministry of Science and Technology with Taka 130 billion (4.94 percent), Department of Health Services 122 billion taka (4.64 percent) with the Ministry of Primary and Mass Education with taka 120 billion (4.57 percent), the Ministry of Shipping with taka 95 billion (3.60 percent) and the Bridges Department with taka 91 billion (3.45 percent) .

Among the 10 projects that received the highest allocation in the new ADP, the Rooppur Nuclear Power Plant Project received an allocation of Tk 97 billion, followed by the Matarbari 2×600 MW Ultra Super Critical Coal Fired Power Project, first revised with Tk 91 billion, the fourth Primary Education Development Program (PEDP-4), first revised with Tk 86 billion, Dhaka-Ashulia Elevated Expressway construction, first revised with Tk 59 billion, Padma Bridge Rail Link, first revised project with Tk 55 billion, Hazrat Shahjalal International Airport Expansion, first phase first revised with 55 billion taka, Physical Feasibility Development (PFD), first revised with taka 47 billion, Dhaka Mass Rapid Transit Development Project (Line-1) with taka 39 billion, Bangabandhu Sheikh Mujib Railway Bridge construction project with 38 billion taka and the Dhaka Mass Rapid Transit Development Project (Line-6), revised with another 34 billion taka.

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