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Bank borrowing leaps on 100-day job plan

Rejaul Karim Byron
Though only nine percent of the Annual Development Programme (ADP) allocation was spent in the first three months of the current fiscal year the government borrowed 48 percent of the annual target from the banks in the first four months.
Finance ministry sources say the government had to borrow more from the banks as current expenditures including the 100-day employment generation programme. Boro procurement and polls related expenses had to be met.
The government borrowed Tk 6.277 crore from banks in the first four months, according to Bangladesh Bank statistics released on Novembers.
Of the sum, it borrowed Tk 1,170 crore from
the central bank and Ik 5,106 crore from the commercial banks.
The target of borrowing from the banks in * the current fiscal year was Tk 13,498 crore The ’ government borrows from the banks mainly to meet the gap in the ADP after exhausting the revenue earning surplus and foreign aid
But of the total ADP allocation of Tk 25.600 crore, nine percent or Tk 2,388 crore was spent in July-September period.
The sources say a big portion of Tk 2,000 crore allocation for the 100-day programme has been spent, while the government has built up a food stock of about 13 lakh tonnes. A big part of the amount has been procured locally duringthe Boro season.
Election related expenditures were also met from the allocation.
Though foreign aid and revenue earning growth were good this year, the increase in the bank borrowing was due to a rise in the revenue expenditures, the sources add.
According to statistics, net foreign aid inflow in the first two months was $228 million this year which was only $28 million in the corresponding perio'd in the last fiscal year.
In the first three months the revenue growth was 20 percent, which is near the target.
On the other hand, sales of National Savings Certificates also increased substantially this year compared to last year's. In the first three months, national savings instrument worth Tk 758 crore was sold. It was Tk 344 crore last year during the corresponding period.
The planning ministry says though this time only nine percent of ADP was implemented it was higher than last year's seven percent.
According to IMED statistics, in the total nine percent expenditure the share of local Y0Th|)onent vVds 10'pdfcent of allocation orTk 167 crore and project aid was nine percent or Tk 1.021 crore. I
Of the 48 ministries and departments, nine ministries failed to spend a single taka in the three months. Besides, expenditures in most of the ministries ranged from one percent to seven percent.
The fisheries and livestock ministry spent the highest 30 percent, Rural Development and Cooperative Division 22 percent, and the social welfare 18 percent.