Finance and Planning Minister Amir Khasru Mahmud Chowdhury said that a large development budget is essential to overcome the fragile economic situation.
He also said that without investment, neither growth nor employment can be achieved sustainably. That is why the government has adopted an ambitious development budget.
He said these at a press conference held after the National Economic Council (NEC) meeting on Monday (May 18). An Annual Development Program (ADP) of about Tk300,000 crore for FY27 was also approved.
The minister said: “Ambition is needed for development. Large investments are needed to overcome the fragile economy.”
Citing an example, he further said that Bangladesh can become an important investment destination in the future with the government's strong leadership, quick decision-making and professional management.
Stating that new initiatives have been taken to ensure transparency and accountability in the implementation of the ADP, he said that specific criteria will be set for the appointment of project directors.
If the project is not completed within the stipulated time, responsibilities will be assigned and a dashboard will be launched in each ministry to monitor progress.
The minister also said that about 1,300 projects currently under the government are under review.
Chowdhury said that unnecessary, ineffective or corrupt projects will be canceled. The next decision will be taken considering the effectiveness of partially implemented projects. New projects must be completed within the stipulated time, and the scope for extending the time will be limited.
Regarding the allocation in the social sector, he said that significant allocations have been made in the education and health sectors. In addition, bulk allocations will be made for taking up new projects by utilizing the opportunities created by the cancellation of old projects.
Regarding revenue collection, he admitted that the country's tax-GDP ratio is still relatively low. However, initiatives have been taken to expand the tax network through the reform of the National Board of Revenue (NBR). He also mentioned that besides increasing revenue by including new taxpayers, its benefits will be reached to the people.
Regarding the implementation capacity in the health and education sectors, the finance minister said that special importance is being given to human resource development, especially investment in technical education will be increased.
Plans have also been taken to establish new technical education institutions and introduce international standard certification and accreditation systems to develop skilled manpower, he added.
