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ADP to be slashed by Tk5,500cr

One-third of ADP implemented in 7 months

Rejaul Karim Byron
The Annual Development Programme in this fiscal year is likely to be slashed by Tk 5,500 crore.
At a meeting of the resource committee with Finance Minister AMA Muhith in the chair yesterday, the Planning Commission was informed about the cut and advised to prepare a draft ADP in line with this.
The size of the revised ADP could be Tk 40,500.
A finance ministry official said in trimming ADP, the allocation of foreign funds could be reduced and local fund slightly
increased.
In the first seven months of the current fiscal year, Tk 15,784 crore or 34 percent of the allotment was spent.
The ministries utilised 41 percent of the local and 24 percent of the foreign fund allocations.
The planning ministry sources, however, said the foreign fund utilisation had got some momentum lately.
The finance minister told the meeting that less foreign aid and more expenditure on subsidy were the major reasons behind the slash in ADP, although the revenue earning had increased. The meeting did not take any decision on increasing energy prices, including that of fuel, but if necessary, the prices could be hiked further during the current FY.
The commerce ministry at the meet proposed to increase tax on imported luxury items but no decision was taken in this regard.
Also yesterday, both the resource and the fiscal coordination committees held separate meetings.
The latest economic situation of the country, the revised budget and the fiscal measures were among the agenda.
The meetings discussed that despite the ADP cut, the bank borrowing might rise to Tk 25,000 crore from present target of around Tk 19,000.
Both the World Bank and International Monetary Fund have forecast that this time the GDP growth may be 6 percent against the government target of 7 percent.
The coordination committee meeting said fulfilling the target is still achievable and if a revision is necessary it will be done in March.
Checking inflation was aimed at 7.5 percent on an average but the meeting observed that it would not be possible and set revised target at 9.5 percent.