Bangladesh has finalised the development expenditure of over Tk 2.05 trillion for the next fiscal year (FY 2020-21), giving highest priority to transport sector.
An extended meeting of the Planning Commission at the conference room of National Economic Council (NEC) finalised the draft annual development programme (ADP) yesterday (Tuesday), with Planning Minister MA Mannan in the chair.
The new ADP would be more than Tk 122 billion or 6.32 percent higher than the revised outlay of about Tk 1.93 trillion for the current FY. The original size of the development expenditure for the current fiscal year (2019-20) was about Tk 2.03 trillion.
The NEC would approve the new development budget at its meeting to be held soon based on the schedule of Prime Minister Sheikh Hasina, who heads the country’s top economic policymaking body, officials at the Planning Ministry said.
If the NEC meeting does not take place due to COVID-19 pandemic, they said, the planning ministry will send a summary to the Prime Minister for the final approval. She can approve it exercising her executive power.
An allocation of Tk 94.66 billion is expected to go for the autonomous entities, increasing the total ADP to Tk 2.14 trillion, said the officials.
They said transport, education, health and agriculture sectors would get importance in this ADP.
Of the total development expenditure, about Tk 1.35 trillion would be met from the national exchequer and Tk 705 billion is expected to come from foreign loans.
The total number of projects in the next year’s ADP will be 1,847, including the projects of autonomous bodies, and it will be 1,588 without autonomous bodies.
The number of projects in the outgoing fiscal is 1,744 without the projects of autonomous entities.
Officials said the number of development projects in the ADP has been downsized due to the COVID-19 as many of the ongoing projects could not be finished because of the government holidays that started on March 26 last.
The transport sector is expected to get about Tk 522 billion while power sector Tk 248 billion, education Tk 234 billion, health sector Tk 130.33 billion and agriculture Tk 84.24 billion, according to the officials.