NEC approves revised ADP of Tk 225.0b
Tuesday, 25 March 2008
The National Economic Council (NEC) Monday revised down the Annual Development Programme (ADP) by Tk 40.00 billion to Tk 225.00 billion for the 2007-08 fiscal year, giving a focus on five important sectors with 72 per cent allocations, reports UNB.
Earlier, a meeting of the ECNEC also approved eight development projects involving Tk 28.73 billion, including Tk 7.06 billion in project aid.
Finance and Planning Adviser Dr Mirza Azizul Islam chaired the meetings at the NEC conference room in absence of Chief Adviser Dr Fakhruddin Ahmed who was scheduled to preside over the meetings. He said the Chief Adviser fell sick and asked him to administer the meetings.
The NEC downsized the ADP from the original allocation of Tk 265.00 billion, while the ECNEC approved the eight development projects from 13 considered ones.
"The ADP cut won't have any adverse impact on the overall economy," Dr Aziz told a press briefing immediately after the meeting, adding that the revised ADP would even be higher than the historical level of Tk 170.00-180.00 billion a year.
Replying to a question, he said some ministries and agencies, including the road and power sectors, could not utilise the allocations made for their projects and even surrendered the project money back.
The Finance Adviser recently explained that implementation of some development projects could not take place even after issuing work orders due to increase of prices of the construction materials. The projects would have to be revised, which is a time-consuming exercise.
The five areas in which the revised ADP gave priority are - agriculture and related sectors (24 per cent of the total revised ADP), education (13 per cent), health (11 per cent), power (13 per cent) and transportation (11 per cent).
Some 56 per cent of the total revised project allocations, directly related to poverty alleviation programmes besides a special allocation of Tk 190 million for 198 upazilas under 26 districts, was given in an effort to reduce the regional disparity.
Replying to another question, the Adviser said given the bigger size of the ADP, the progress in its implementation has not been worse this year compared to that of the last year.
Earlier, a meeting of the ECNEC also approved eight development projects involving Tk 28.73 billion, including Tk 7.06 billion in project aid.
Finance and Planning Adviser Dr Mirza Azizul Islam chaired the meetings at the NEC conference room in absence of Chief Adviser Dr Fakhruddin Ahmed who was scheduled to preside over the meetings. He said the Chief Adviser fell sick and asked him to administer the meetings.
The NEC downsized the ADP from the original allocation of Tk 265.00 billion, while the ECNEC approved the eight development projects from 13 considered ones.
"The ADP cut won't have any adverse impact on the overall economy," Dr Aziz told a press briefing immediately after the meeting, adding that the revised ADP would even be higher than the historical level of Tk 170.00-180.00 billion a year.
Replying to a question, he said some ministries and agencies, including the road and power sectors, could not utilise the allocations made for their projects and even surrendered the project money back.
The Finance Adviser recently explained that implementation of some development projects could not take place even after issuing work orders due to increase of prices of the construction materials. The projects would have to be revised, which is a time-consuming exercise.
The five areas in which the revised ADP gave priority are - agriculture and related sectors (24 per cent of the total revised ADP), education (13 per cent), health (11 per cent), power (13 per cent) and transportation (11 per cent).
Some 56 per cent of the total revised project allocations, directly related to poverty alleviation programmes besides a special allocation of Tk 190 million for 198 upazilas under 26 districts, was given in an effort to reduce the regional disparity.
Replying to another question, the Adviser said given the bigger size of the ADP, the progress in its implementation has not been worse this year compared to that of the last year.