NEC approves Tk 2.63 lakh crore ADP for FY24

The National Economic Council (NEC) today 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 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 and 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 spent 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 people's 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.