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Record Tk 1, 53,331cr Annual Development Programme finalised for FY18

Sun Online Desk     14th May, 2017 09:15:29

The National Economic Council (NEC) on Sunday approved a Tk 1,53,331 crore Annual Development Programme (ADP) for fiscal year 2017-18 (FY18), giving top priority to transport sector infrastructures, energy, education and health, reports BSS. 

The approval came at the NEC meeting held at its Conference Room in Sher-e-Banglanagar with NEC Chairperson and Prime Minister Sheikh Hasina in the chair. 

Of the Tk 1,53,331 crore original ADP, Tk 96,331 crore will come from the national exchequer while the remaining Taka 57,000 crore will come as project assistance.

The original size of the ADP for FY18 is up by 39 percent or Tk 42,533 crore from Tk 1,10,700 crore of the current fiscal year's (FY17) ADP.

Briefing journalists after the meeting Planning Minister AHM Mustafa Kamal said the government has kept Tk 10,753 crore for the development expenditure of corporations and autonomous bodies for FY18 fiscal and with this allocation the size of the overall ADP has stood at Tk 1,64,084 crore.

In the new ADP, rural development, transport, education, power, health, and water sector are given the highest priority. 

Local Government Division has been given the highest allocation of Tk 21,464 crore and the power sector has received the second highest allocation of Tk 18,859 crore while the Roads and Highways Division got the third highest allocation of Tk 16,820 crore. In the power sector Rooppur Nuclear Power Project has been given an allocation of Tk 10,000 crore. 

The government has kept Tk 5524.36 crore for mega Padma Multipurpose Bridge Project and Tk 7609.81 crore for Padma Bridge Railway Link as the priority projects. 

Proposed tunnel beneath the Karnaphuli River has been given an allocation of Tk 1,574.97 crore while Dhaka Mass Rapid Transit Development Project has received an allocation of Tk 3,425.83 crore.

The Railways Ministry got an allocation of Tk 13,001 crore followed by Tk 10,602 crore for the Science and Technology Ministry, the Health and Family Welfare Ministry with an original ADP allocation of Tk 9,511 crore, the Primary and Mass Education Ministry got Tk 8,751 crore, the Bridges Division got Tk 8,403 crore, the Secondary and Higher Education Division got Tk 6,164 crore while the Water Resources Ministry got Tk 4,675 crore.

(BSS)-Bangladesh's economic growth remains resilient in spite of volatile export growth and a decline in remittances, according to a new World Bank report.

"The economy has done well along with declining poverty rates, but Bangladesh can do even better. To tap its vast growth potential, the country needs to improve infrastructure, reduce the relatively higher cost of doing business, as well as make strategic investments in increasing female labor force participation," said WB's lead economist Zahid Hussain while unveiling 'Bangladesh Development Update, May 2017' report at a press briefing at WB office here today.

World Bank Country Director for Bangladesh, Bhutan and Nepal Qimiao Fan and senior director Carlos Felipe Jaramillo were, among others, also present at the briefing.

Declining rates in poverty has persisted, Hussain said, adding that rebound in labor intensive exports, decline in food inflation, and rise in wages are likely to have contributed to continued gains in poverty reduction in FY16.

He said the growth outlook in the near to medium-term is robust and the economy is likely to grow between 6.4 percent to 6.8 percent in 2017 and 2018.

However, the country must not be too complacent as it would require to deal with domestic and external risks, he said, adding that risks on the domestic side include further deterioration in financial sector stability, slippages in addressing fiscal reforms, and political uncertainties in the run up to elections in 2019.

He said Bangladesh needs higher growth rate to accelerate its journey on the middle income path. The country will need an investment-led strategy coupled with improvements in the efficiency of public capital, he added.

Hussain said Bangladesh can add about 3 percentage points to baseline growth over the next decade by removing structural impediments to investment and innovation; improving the production, pricing and distribution of energy; ensuring corporate governance in the financial sector; increasing global integration and revenue mobilization.

The removed executive, Md Mahboob Alam, is also an executive vice president of the bank.

The bank’s board of directors took the decision to remove him from the division on Saturday.

The heads of public relations division and corporate social responsibility division will also be removed as per the board’s decision, two of the directors confirmed bdnews24.com.

They said Mahboob was given charge of another department and the same would happen to the two others.

The new leadership of the bank are fighting for control of the bank with Jamaat supporters after taking charge five months ago.

In Saturday’s meeting, the board also decided to give Tk 4.5 billion Zakat money to the prime minister’s Zakat fund, instead of distributing the money directly itself.

It will distribute Tk 130 million of Iftar fund among the people through the social welfare ministry.

Syed Ahsanul Alam Parvez

Vice-Chairman Professor Syed Ahsanul Alam Parvez, who said he was threatened and asked to step down, joined the meeting under tight security.He told bdnews24.com that intelligence agencies, police and RAB personnel provided him security.

The directors expressed ‘intense’ ire over the threat in the meeting, he said and added they urged the related government agencies to take action over the matter.

“There is a conspiracy to bring back anti-liberation Jamaat supporters in control of the bank. I am facing various threats after trying to stop them,” Parvez told bdnews24.com.

“But I am not afraid. I won’t give up. The anti-liberation Jamaat people will be driven out of the bank,” he added.

Parvez, a former teacher at Chittagong University, said Mahboob was removed from the human resource division because he was appointing Jamaat loyalists to top posts of the bank.

He alleged the heads of public relations and CSR departments were spending most of the money to pro-Jamaat organisations and media outlets.

“That’s why there should be changes to these posts,” Parvez said.

Qazi Shahidul Alam

Another director, Professor Dr Qazi Shahidul Alam, said the threats Parvez was facing aimed to bring “Razakars Humayun Bokhteyar and Professor Borhan” to the board of directors.He said both Humayun and Borhan are from Jamaat. Humayun is a vice-chairman of Islami Bank Foundation.

Shahidul also said the Jamaat supporters were conspiring in various ways because they plan to take back control of the bank after changes through the next election.

Asked about speculations that some industrial groups were trying to buy majority shares of the bank, Shahidul said: “The rich always want to buy many things. They may be willing to purchase in this case.”

Parvez said this was a propaganda and part of the ‘conspiracy’.

Islami Bank, accused of having links with Jamaat leaders, went through a major shake-up in its top brass in January.

Former secretary Arastoo Khan was made the chairman of the bank, while Parvez was reassigned as its vice-chairman after the bank ousted the old guard and recast the board of governors.

NCC Bank Training Institute has arranged a training on “Credit Management” for its Credit Officers of Head Office and Branches recently.Managing Director and CEO (Current Charge) Mosleh Uddin Ahmed has addressed the closing ceremony as chief guest and distributed certificates among the participants. Deputy Managing Directors A Z M Saleh and Md. Habibur Rahman, SEVP and Head of Operations, Muhammad H. Kafi and Principal of TI, Jagadish Chandra Debnath were also present on the occasion of the program.

A meeting of the Board of Directors of Islami Bank Bangladesh Limited was held on Saturday at the Board Room of Islami Bank Tower. Presided over by Arastoo Khan, Chairman, the meeting was attended by directors from home and abroad and Managing Director of the Bank. The meeting approved unaudited financial statement for the first quarter ended on 31 March 2017.