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Bangladesh - Corporate - May 17, 2023

Reining in new projects to cut costs in budget

Mahfuja Mukul: The government is reining in new projects in the next financial year. This policy of conservatism has been adopted in approving new projects as part of cost-cutting initiatives. However, it has been asked to give maximum importance to the ongoing projects. 33 new projects have been added to the annual development program for the financial year 2023-24. These approved projects have been included with the allocation.
There were 44 such new projects in the Annual Development Program (ADP) of the current financial year. Comparatively 11 decreased. However, there are 182 new projects approved with allocation in the revised ADP of the current financial year.
Those concerned say that due to the Russia-Ukraine war, the global economic instability has had a negative impact on the country. As a result, there are fewer new projects due to non-regular meetings of the Executive Committee of the National Economic Council (ECNEC). Along with this, the policy of creating ADP also discouraged the allocation of funds to new projects. In this case, the planning commission gives instructions to ensure allocation according to demand in ongoing projects.
Planning Minister M.A. Mannan told that many thought that any project of additional public satisfaction would be added to the ADP ahead of the elections. But that didn’t happen. Since the government is democratic, it does everything by thinking about the people. In that case, the issue of public satisfaction is always in mind. Election is not a big deal here.
A review of the ADP draft book by the Planning Commission showed that out of the 33 new projects added for the next financial year, 23 are investment projects. Besides, there are two potential survey projects, three self-funded by the organization and five technical assistance projects.
Out of 44 new projects in ADP last financial year, 38 were investment projects, two were technical assistance projects and four were self-financed projects of the organization. Meanwhile, among the 182 new project allocations added to the revised ADP, there are 156 investment projects, nine technical assistance projects and 17 self-financed projects of the organization.
Among the new projects allocated in the ADP for the next financial year, there are one in the public order and security sector, three in the agriculture sector, four in the transport and communication sector and three in the local government and rural development sector. Besides, there are five projects in environment-climate change and water resources sector, 10 in housing and community facilities sector, two in religion-culture and entertainment, one in education, one in industry and economic services and three in power and energy sector.
Some of the notable new projects are rehabilitation of Meghna-Dhanagoda irrigation scheme and preservation of riverbanks, inclusive sanitation projects in 25 cities of Bangladesh, survey projects for construction of important bridges on rural roads and construction of judicial candidate restrooms named Nyayakunj in the premises of District and Sessions Judge Courts in every district of the country. will be done
Apart from this, four highways under Comilla Division have been upgraded to proper standard and width, Resilience Infrastructure for Adaptation and Vulnerability Reduction Project and various rural road development projects built by Bandarban Hill District Board.
There are also, construction of Barnabad Bridge on Rabanabad River on Lebukhali-Baufal-Galachipa-Amragachia District Highway, construction of flyover road from Mithamin Upazila Sadar of Kishoreganj to Morichkhali of Karimganj Upazila, purchase of machinery and equipment from Belarus for City Corporation and Municipalities and Coastal Town Climate Resilience Project.

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