NEC approves Tk 2.63 lakh crore original ADP for FY24
The National Economic Council (NEC) today approved a Taka 2.63 lakh crore original ADP for the next fiscal year (FY24) making highest allocation of Taka 75,945 crore (28.88% of allocation) in the transport and communication sectors.
The approval came from a meeting of the NEC held today with its chairperson and Prime Minister Sheikh Hasina in the chair.
Out of the original ADP allocation, Taka 1,64,185 crore will come from the local sources while Taka 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 development assistance sector.
Out of the overall ADP allocation of Taka 2,74,674.02 crore, Taka 1,79,895.09 crore will come from the local sources while Taka 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 1309 including 1118 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 to 6.03 percent.
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 Taka.
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 the 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 spend 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 peoples 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 World Bank lends more loans.
Planning Division Secretary Satyajit Karmakar said that from now on they would officially use the terms direct project loan or direct project grant instead of foreign aid.
He informed that the NEC also took a decision to reflect the investments made under the Climate Change Trust Fund in the ADP.
Satyajit said the Prime Minister asked the lagging behind ministries and divisions to put utmost efforts to enhance their capacity to implement the ADP.
He also opined that the Ministries like Women and Children Affairs and Environment, Forests and Climate Change could come up with more projects.
Considering the highest 10 sector-wise allocation, the power and energy sector received the 2nd highest allocation of around Taka 44,393 crore (16.88%) followed by education sector with Taka 29,889 crore (11.36%), housing community facilities with Taka 27,046 crore (10.28%), health sector with Taka 18,880 crore (7.18%), local government and rural development with Taka 16,204 crore (6.16%), agriculture sector with Taka 10,707 crore (4.07%), environment, climate change and water resources with Taka 8,995 crore (3.42%), industry and economic services with Taka 5,362 crore (2.04%) and science and information technology sector with Taka 5,321 crore (2.02%).
According to the new ADP for FY24, the highest 10 allocation recipient ministries and divisions are Local Government Division with Taka 40,503 crore (15.40% of allocation), Road Transport and Highways Division with Taka 34,062 crore (12.95%), Power Division with Taka 33,775 crore (12.84%), Railways Ministry with Taka 14,960 crore (5.69%), Secondary and Higher Education Division with Taka 14,086 crore (5.36%), Science and Technology Ministry with Taka 12,980 crore (4.94%), Health Services Division with Taka 12,209 crore (4.64%), Ministry of Primary and Mass Education with Taka 12,018 crore (4.57%), Ministry of Shipping with Taka 9,474 crore (3.60%) and Bridges Division with Taka 9,064 crore (3.45%).
Out of the highest allocation recipient 10 projects in the new ADP, the Rooppur Nuclear Power Plant Project received an allocation of Taka 9,707 crore followed by Matarbari 2×600 MW Ultra Super Critical Coal Fired Power Project, 1st revised with Taka 9,081 crore, 4th Primary Education Development Programme (PEDP-4), 1st revised with Taka 8,586 crore, Dhaka-Ashulia Elevated Expressway Construction, 1st revised with Taka 5,870 crore, the Padma Bridge Rail Link, 1st revised project with Taka 5,500 crore, Hazrat Shahjalal International Airport Expansion, 1st phase, 1st revised with Taka 5,499 crore, Physical Feasibility Development (PFD), 1st revised with Taka 4,696 crore, Dhaka Mass Rapid Transit Development Project (Line-1) with Taka 3,911 crore, Bangabandhu Sheikh Mujib Railway Bridge Construction project with Taka 3,778 crore and Dhaka Mass Rapid Transit Development Project (Line-6), 2nd revised with Taka 3,425 crore.