Tk 54b extra fund sought by agencies for 192 projects3
Friday, 29 April 2011
FHM Humayan Kabir
In a surprise move, some government agencies have demanded nearly Tk54 billion additional funds from the Planning Commission for 192 ongoing schemes despite readjustment of their allocations two months back, officials said Thursday. Planning ministry officials said they are passing hard days to fulfil the demand as they redistributed money in February this year for the ongoing projects revising the Annual Development Programme (ADP) of the current fiscal 2010-11. "According requirements of the implementing agencies, we readjusted allocations in February and some agencies surrendered fund and some demanded extra money. But now some of them are demanding additional money," a senior planning ministry official told the FE. "We are now working to adjust money from the ADP's block allocations and from the funds which were surrendered by some ministries from their total allocations in the development budget," he said requesting anonymity. He added: "We have had only Tk920 million as "block allocations" in the revised ADP and surrendered some Tk 1.30 billion. So, how we will fulfil the huge demand by the small available fund?" The government's highest economic policy making body National Economic Council (NEC) in February 27 this year cut ADP from Tk385 billion to Tk351.30 billion for implementing total 1185 projects due to failure of the executing agencies to spend the money in time. milestone in the capital market's history, saying the creation of the fund shows that the government is serious about the growth of securities market. ICB and seven other state-owned financial institutions are sponsors of the BF with the ICB Asset Management Company is the fund manager and ICB Capital Management Company as the custodian. The co-sponsors are: Sonali Bank, Rupali Bank, Janata Bank, Agrani Bank, Bangladesh Development Bank, Sadharan Biman Corporation and Jiban Bima Corporation. According to the laws of mutual fund, a fund manager has to deposit ten per cent of the fund size to its account. "We have deposited the required amount of money to the fund's account on Thursday," Fayekuzzaman said. The ICB had said half of the fund would be invested in the country's stock market and the rest in the money market.
In a surprise move, some government agencies have demanded nearly Tk54 billion additional funds from the Planning Commission for 192 ongoing schemes despite readjustment of their allocations two months back, officials said Thursday. Planning ministry officials said they are passing hard days to fulfil the demand as they redistributed money in February this year for the ongoing projects revising the Annual Development Programme (ADP) of the current fiscal 2010-11. "According requirements of the implementing agencies, we readjusted allocations in February and some agencies surrendered fund and some demanded extra money. But now some of them are demanding additional money," a senior planning ministry official told the FE. "We are now working to adjust money from the ADP's block allocations and from the funds which were surrendered by some ministries from their total allocations in the development budget," he said requesting anonymity. He added: "We have had only Tk920 million as "block allocations" in the revised ADP and surrendered some Tk 1.30 billion. So, how we will fulfil the huge demand by the small available fund?" The government's highest economic policy making body National Economic Council (NEC) in February 27 this year cut ADP from Tk385 billion to Tk351.30 billion for implementing total 1185 projects due to failure of the executing agencies to spend the money in time. milestone in the capital market's history, saying the creation of the fund shows that the government is serious about the growth of securities market. ICB and seven other state-owned financial institutions are sponsors of the BF with the ICB Asset Management Company is the fund manager and ICB Capital Management Company as the custodian. The co-sponsors are: Sonali Bank, Rupali Bank, Janata Bank, Agrani Bank, Bangladesh Development Bank, Sadharan Biman Corporation and Jiban Bima Corporation. According to the laws of mutual fund, a fund manager has to deposit ten per cent of the fund size to its account. "We have deposited the required amount of money to the fund's account on Thursday," Fayekuzzaman said. The ICB had said half of the fund would be invested in the country's stock market and the rest in the money market.