PM for speeding up formulation, implementation of G2G projects
Prime minister Sheikh Hasina on Tuesday asked the vested authorities to accelerate the formulation and implementation of various projects under the Government to Government (G2G) initiatives.
The PM extended the directive while chairing a meeting of the Executive Committee of the National Economic Council (ECNEC) as its chairperson held at the NEC conference room in the city’s Sher-e-Bangla Nagar area.
While briefing the media about the meeting, planning minister MA Mannan said that the PM put emphasis on accelerating the process of formulating and implementing G2G projects with different countries like India and China as Bangladesh has agreements with those countries under their Lines of Credit.
Sheikh Hasina said there should not be any delay or negligence in this regard as these initiatives would enhance the foreign currency flow to Bangladesh, said Mannan.
The planning minister said that the PM also asked the Planning Commission to prioritise foreign-funded projects considering the current situation.
He said the day’s ECNEC meeting approved a total of 18 projects involving an overall estimated cost of Tk 113.87 billion. “Of the total project cost, Tk 74.45 billion will be provided by the government of Bangladesh, Tk 807 million from the concerned organisation’s own fund while the rest of Tk 38.61 billion as project assistance,” Mannan said.
Of the 18 approved projects, nine are new while nine are revised projects. Besides, the meeting approved the timeframe extension of a project without raising its cost.
The planning minister said that the PM reiterated her call to all to maintain austerity in all spheres and boost domestic production side by side not keeping idle an inch of land.
Referring to inflation, Sheikh Hasina underscored the need for conducting research as there are differences in the price of commodities in various markets and kitchen markets.
The PM also put emphasis on setting up regional storages for perishable items like onion and ginger.
The planning minister said the prime minister has acknowledged the current rising inflation and the shortage of power and energy in the country resulting in load shedding.
He said that the utmost priority of the government is now containing inflation and bringing the power and energy situation to a tolerable level.
Referring to his earlier prediction that inflation would come down, Mannan said, but unfortunately, it did not come down, rather increased, for which the government would do whatever necessary such as using its available instruments to contain it.
The planning minister said the very first strategy of the government to contain inflation would be not to let it increase further and then try to roll it back.
He said that it is not right that inflation is increasing in the country only because of the high exchange rate of US dollars, but there are some other reasons also.
He said that efforts are going on to conduct trade with other currencies other than US dollars, adding, “The foreign currency is now over $30 billion, but it might again go up to $50 billion,” he said.
Referring to the budgetary target of containing inflation at 6 per cent in the next fiscal 2023-24, Mannan said there might be some concerns about attaining this target, but having such a target ahead is not wrong.
“We’ll have to take proper action in a speedy manner...we’ll have to hold the trigger tight and take the necessary market intervention at the proper time,” he said, citing an example of the recent decision of importing onion to tame the high price of onion in the local market.
Noting that inflation is gradually coming down in the EU, Mannan said although it would be hard to bring down inflation at around 6 per cent in the coming days, sincere efforts would be there to bring down inflation.
“We’ll have to keep the process (supply chain) smooth and ensure that no destructive element can hinder the process. Otherwise, it will be hard to contain it despite putting in the highest efforts,” he added.
At the very outset of the meeting, the ECNEC thanked the prime minister, the finance minister and the Finance Division and others concerned for placing such an excellent budget for the next fiscal year amid global uncertainties.
The planning minister said that they would be more tougher on the project approval process and would also go in the depth of any project proposal before giving approval.
Asked why the prices of commodities are still high in the country despite the global price fall of key items like oil, Mannan said the high exchange rate of US dollars is still putting pressure.
Replying to another question, he said that the government is yet to take any decision regarding increasing the rate of incentives on sending remittances to Bangladesh by the expatriates.
Mannan said although some private banks are giving some extra incentives beyond the government foxed 2.5 per cent on sending remittances, but the government is yet to take any concrete decision over increasing the rate.
He said that the government is much aware of the possible misuse of increasing such facility while the issue is under scrutiny.
Replying to another question, the planning minister said that the government has much confidence and belief that it would be able to go to the esteemed voters with high morale to seek votes for another term before the next general election because of its huge development initiatives.
Planning division secretary Satyajit Karmakar said that the government always discourage the trend of bringing revisions to development projects while efforts are on to bring down the tendency of revising projects at a minimum level.
The projects approved in the ECNEC meeting are: Protecting Shaheed Birshrestha Munshi Abdur Rouf Smriti Jadughor, connecting roads and other areas from the erosion of the left embankment of Modhumoti River under Faridpur district and conducting dredging with Tk 4.81 billion, Rural infrastructural development of Bagerhat district with Tk 8.77 billion, Establishment of six new regional offices for inventing areas-based variety of rice, technology innovation and development of existing laboratory with Tk 3.69 billion, Rural infrastructural development of Netrakona district with Tk 14.28 billion, Ashrayan-2 Project, 5th revised with a reduced cost of Tk 23.43 billion, construction of 19 hostels with modern facilities for the students of 10 medical colleges with Tk 14.28 billion, establishment of Patuakhali Medical College and Hospital, Patuakhali, 1st revised with an additional cost of Tk 665.5 million, astablishing Fine Arts Faculty Building at Jahangirnagar University with Tk 969.6 million, Higher Education Acceleration and Transformation (HEAT) project with Tk 40.16 billion, Important urban infrastructures development, 2nd phase, 1st revised with an additional cost of Tk 9.53billion.
The other projects approved in the meeting are Bangladesh Regional Connectivity Project-1: Development of Sheola, Ramgarh, and Bholaganj Land port and modernization of security system, 2nd revised with an additional cost of Tk 2.34billion, construction of three link roads connecting Satkhira Road and city bypass road, 1st revised with an additional cost of Tk 3.23 billion, establishing Meat Processing Plant at Savar Cantonment with Tk 890.2 million, development of telecommunication, ICT infrastructures, Human Resources and technical capacity of DGFI, 2nd revised with an additional cost of Tk 2.53 billion, construction of 3rd and 4th dual gauge line on Dhaka-Tongi section and dual gauge double line at Joydebpur section of Bangladesh Railway, 2nd revised with an additional cost of Tk 22.35 billion, construction of Chattogram City Outer Ring Road, 4th revised with an additional cost of Tk 6.48 billion, establishment of National Development Administration Academy, 3rd revised with a reduced cost of Tk 207.9 billion and rural infrastructural development of Narail district with Tk 2.5 billion.
Ministers and state ministers attended the meeting while Planning Commission members and secretaries concerned were also present.