ADP gets 14pc bigger
It may take four to 12 years to complete 1,426 ongoing development projects because of slow implementation and meagre allocation, highlighting the need for the government to prioritise works and accelerate execution to avoid cost and time overruns. The grim scenario was painted in a presentation of the planning ministry at a meeting of the National Economic Council (NEC) yesterday.The meeting approved a Tk 225,324 crore annual development programme (ADP) for the next fiscal year of 2021-22, which is up 14 per cent from the revised budget in the outgoing fiscal year. The combined estimated cost of 1,426 projects is Tk 16,60,807 crore. Of the sum, Tk 556,351 crore may be spent as of June this year. The rest Tk 11,04,456 crore will be allocated in the coming years, and it may take four to 12 years to finish the projects at the current speed of execution.The deadline of at least 678 projects out of 1,426 projects will expire by June this year. The planning ministry, in its presentation, said their deadline needed to be pushed back by June 30. The government has targeted to complete 356 projects in FY22. But they might not be completed by the year-end, the official said. The current ADP has planned to finish 441 projects by FY21. But at least 57 projects will not be completed on time, so they were included in the new ADP. The size of the original ADP in FY21 was Tk 205,144 crore. The planning ministry has proposed to slash it to Tk 197,643 crore in the revised budget as the coronavirus pandemic has hampered development works. In the new ADP, the contribution of foreign assistance will stand at Tk 88,024 crore, which is up 39.72 per cent from the revised outlay of Tk 63,000 crore. The portion of the government will be Tk 137,299 crore, an increase of 1.97 per cent year-on-year.
Pakistan’s remittances hit all-time monthly high of $2.8b
Stock market yesterday witnessed the highest turnover in four months, crossing Tk 1,500 crore, thanks to increased Remittances from Pakistani workers employed abroad rose to a record monthly high of $2.8 billion in April, 56 per cent higher than a year earlier, the central bank said on Tuesday. On a cumulative basis, remittances also surpassed the previous record. Proactive policy measures by the government and State Bank to encourage more inflows through banking channels, curtailed cross border travel due to the pandemic, and Eid holiday-related inflows contributed to the record levels of remittances this year, the central bank said.The inflows came mainly from Saudi Arabia, at $6.4 billion, the United Arab Emirates, $5.1 billion, Britain, $3.3 billion, and the United States, $2.2 billion, the central bank said, referring to cumulative figures.