Bangladesh will attain 6% economic growth in the current fiscal year despite domestic and external shocks, hopes the minister
The country will attain 6% economic growth in the current fiscal year despite domestic and external shocks, says Planning Minister AHM Mustafa Kamal yesterday.
“We’ll try to obtain above 6% GDP growth rate in this fiscal year despite political chaos in the country and the weakness of the world economy,” he said, in response to a question after the first Executive Committee of the National Economic Council (ECNEC) meeting of the new government at the NEC in Dhaka.
In sharp contrast, the World Bank in its recent report on Global Economic Prospects (GEP) forecasts that Bangladesh’s GDP growth for FY14 is expected to grow by 5.7%, the International Monetary Fund by 5.5% and Asian Development Bank by 5.8%.
The Planning Minister and donor agencies’ estimates on GDP growth are significantly less than the government target of 7.2% for the current fiscal year.
The minister said there could be differences of opinions, but the ultimate goal should be to attain desired economic growth, taking the country to move forward and ensuring good governance. He said political turbulence and violence unleashed by the BNP-Jamaat over the last six months has damaged the country’s economy a lot. “But we’ll try to maintain our growth above 6%, which the country sees over the last four years.”
In reply to a question on speeding up the ADP implementation rate, he said the officials concerned even the field-level workers faced difficulties in carrying out their activities due to the political unrest and violence over the last six months. “But, killing people could never be part of politics, which might be the realisation of the BNP-Jamaat,” he said.
Kamal said he would sit with the planners, economists, businessmen, members of the civil society and cultural personalities in phases to chalk out his next course of action as the Ministry of Planning is destined to ensure the welfare of the country’s people.
About the allegation of excess wealth acquired by ministers and MPs, he said the Anti Corruption Commission (ACC) has been working to this end.
The ECNEC, in its first meeting of the new government, approved 13 development projects involving Tk7,735 crore, including decoration of the capital city ahead of the forthcoming T-20 World Cup. Prime Minister Sheikh Hasina presided over the meeting.
Of the total cost, Tk3,588 crore will come from the national exchequer while the remaining Tk4,147 crore will come as project assistance from donors.
The decoration of the capital involving Tk115 crore has been taken ahead of the T-20 World Cup scheduled to be held in March this year.
Under the project “Improvement of road infrastructure and beautification work around Mirpur Shere-e-Bangla National Cricket Stadium and major roads of Dhaka City for ICC World Cup T-20 Bangladesh, 2014” would be done.
In addition, infrastructural development of the adjoining roads of two international cricket stadiums and other major roads of the capital would be completed. Besides, beautification and decoration works and flawless traffic movement would be ensured.
The ECNEC gave nod to another project entitled “Municipal Governance and Services Project”. Under the project, development of 600 km roads, 400 km drainage line, 26 wholesale markets, 26 kitchen markets, 12 bus terminals, 4 truck terminals, 36 public toilets, and 6 parks and construction of 570 meter culverts would be completed.
Besides, capacity building and implementation support would be provided in 146 municipalities. The project costs Tk2,471 crore. World Bank will provide Tk1,954 crore for the project.
Source: Dhaka Tribune
