An annual progress report placed before cabinet gave high marks to the economy’s performance, earning the approval of the prime minister who asked the administration to do better in implementing the annual development programme (ADP).
The ADP utilization rate in FY 13-14 reached 93.11% with an expenditure of Tk59,580 crore. The prime minister asked senior ministry and division officials to work towards achieving a 100 percent implementation rate.
The country’s per capita income rose to US$1190 during fiscal year 2013-14 compared to US$1044 in FY 12-13.
Bangladesh’s inflation rate dropped 1.09 percentage points from 8.06 percent to 6.97 percent while the country’s foreign exchange reserves grew to US$21.5bn in the same period.
The new economic figures appeared in a report on the 2013-14 fiscal year placed in yesterday’s cabinet meeting.
The cabinet division tabled the annual report prepared with the support of all of the ministries and divisions. Prime Minister Sheikh Hasina was in the chair at the meeting held in the cabinet conference room at the secretariat.
Cabinet Secretary M Musharraf Hossain Bhuiyan told reporters after the meeting that the cabinet was pleased with the annual report on the activities of the different ministries and divisions.
He said the report highlighted revenue collection and foreign exchange reserves which showed a positive trend in the 2013-14 fiscal year compared with the previous fiscal year.
Export earnings witnessed an 11.69% growth in FY 13-14 over the previous period. Foreign currency reserves totalled US$21.5billion at the end of FY 13-14, showing a 40.44 percent growth.
Overall revenue collection showed an 8.35% increase at the end of FY 13-14.
The exchange rate remained stable while the point-to-point inflation rate came down to 6.97 percent in FY 13-14 from 8.06 percent in FY 12-13.
The cabinet secretary said expenditure in social safety-net programmes increased to TK26,654 crore, agricultural production increased alongside progress in the use of ICT, mobile phone subscribers increased to more than 116 million as of June 2014, internet users increased to just under 39 million while tele-density was 77.91%.
Some 239 development projects were completed in the last fiscal year out of 242 projects that had been earmarked, Bhuiyan said.
He also said there had been marked improvement in the health, education, communication and power sectors during the last fiscal year and some 69 State Owned Enterprises turned out to be profitable in FY 13-14, while 19, including the Bangladesh Petroleum Corporation, were losing concerns.
The report recommended that the government further strengthen inter-ministerial coordination to expedite policy and programmes, build the capacity of the implementing agencies to improve ADP utilization and take more initiative in filling vacant posts.
It further suggested improving load management and tackling misuse in the power sector, training more volunteers for natural disaster preparedness, creating more awareness to control food adulteration and expanding e-tendering activities.
State Minister for Labour and Employment Mojibul Haque Chunnu told the Dhaka Tribune that although the prime minister expressed satisfaction over the progress report, she asked the authorities concerned to fill the vacancies in the administration.
Bhuiyan said the report also recommended holding public meetings at district level public offices including DC offices and upazila level public offices to hear the problems of the people.