Sunday, June 10th, 2007Finance Adviser AB Mirza Azizul Islam has termed the budget proposed for the coming fiscal year unconventional and realistic and said it's not that ambitious.He said it is unique in that for the first time it includes contingent liabilities, proposes to curtail discretionary powers of the tax officials and seeks feedback from individuals and organisations regarding project implementation.Addressing a post-budget press conference in the capital yesterday, the finance adviser said although necessary steps have been taken, prices of essentials will not mark a significant fall soon due to international market pressure.However, measures have been taken to safeguard the poor.If the ...
(read more) Saturday, June 9th, 2007Finance Adviser AB Mirza Azizul Islam has termed the budget proposed for the coming fiscal year unconventional and realistic and said it's not that ambitious.He said it is unique in that for the first time it includes contingent liabilities, proposes to curtail discretionary powers of the tax officials and seeks feedback from individuals and organisations regarding project implementation.Addressing a post-budget press conference in the capital yesterday, the finance adviser said although necessary steps have been taken, prices of essentials will not mark a significant fall soon due to international market pressure.However, measures have been taken to safeguard the poor.If the ...
(read more) Sunday, June 3rd, 2007The government yesterday approved a Tk 26,500-crore outlay, 23 percent higher than the current one, for the next fiscal year's Annual Development Programme (ADP).With focus on the countrywide electricity crisis, it has come up with 31 percent more allocation for the development of power sector. The revised allocation for power in the ongoing fiscal is Tk 2,779 crore, which is 6 percent less year on year.The power sector receives the highest allocation as a single sector in the FY 2007-08.Tk 3,633 crore has been allocated for setting up 14 new power plants with an electricity-generating capacity of 2,505 megawatts ...
(read more) Wednesday, May 9th, 2007Various government agencies in the recent past pushed up the costs of 74 completed projects up to 300 percent under the Annual Development Programme (ADP), while failing to implement them according to the original expectations, said a government report.Such malpractices in 74 projects burdened the government with an additional cost of Tk 2,787 crore, said the evaluation report on 175 completed projects under the ADP for fiscal 2004-05.The Implementation, Monitoring and Evaluation Department (IMED), which prepared the report, found that the duration of at least 109 projects were increased by 750 times.IMED sources said although the government approved the ...
(read more) Tuesday, April 24th, 2007The government may make significant cuts in the budget for the current fiscal year, especially in the Annual Development Programme (ADP), due to poor revenue collection, and to reduce unnecessary spending.The matter was discussed by the Fiscal Coordination Council (FCC) at a meeting chaired by Finance Adviser Mirza Azizul Islam yesterday.Azizul told The Daily Star that the meeting mainly discussed the budget size and government's revenue 'situation'. A final decision on budget size would be taken in consultation with the ministries.Sources said revenue collection by the National Board of Revenue as well as non-tax revenue collection are far below their ...
(read more) Monday, April 23rd, 2007Speakers at a pre-budget discussion yesterday urged the government to take measures against price hike of essentials and restore normalcy in the economic and social lives of the nation. They also asked the government to review the ADP (annual development programme) projects and drop those which will be found dubious.Bangladesh Institute of Development Studies (BIDS), a research institute, organised the seminar in the city and placed some recommendations regarding the upcoming budget.The BIDS urged the government to discontinue tax holiday system and undertake an in-depth evaluation of the entire incentive structure.Finance Adviser Mirza Azizul Islam and leading economists took ...
(read more) Saturday, February 3rd, 2007A syndicate of 13 concrete pole manufacturers through bid manipulation and political influence sold to the Rural Electrification Board (REB) 15 lakh overpriced concrete electric poles worth Tk 1,100 crore between 2001 and July 2006.Insider sources said this syndicate sold another two lakh poles to the REB on record. But these poles cannot be found in reality.By controlling pole prices, the syndicate made the REB pay double the actual price of the poles. In many cases, the REB paid three times the price of the poles, the sources said.From November last, the REB has stopped purchase of concrete poles and ...
(read more) Thursday, February 1st, 2007Unapproved new projects under the ongoing Annual Development Programme (ADP) will not be included in the revised ADP (RADP) for the current fiscal year, according to new RADP rules and regulations.The planning ministry issued the new RADP rules and regulations yesterday as part of the caretaker government's initiative to revise the ADP.The new RADP will accord power and energy highest importance while agriculture and infrastructure-related projects will also receive priority for approval.Out of 1,472 projects under the ongoing ADP, 586 are unapproved and without funds; of these, 429 unapproved projects are without funds and 157 others will be funded by ...
(read more) Tuesday, December 19th, 2006Government borrowing from banks has shot up by a staggering 32 percent in the first five months of the current fiscal year compared to the last fiscal year's same period due to low revenue income and a massive drop in foreign aids.To rein back the borrowing spree, the caretaker government has decided to tighten regulations and scrutinise project fund disbursements under the Annual Development Programme (ADP) more closely.From July to November the amount of government borrowing stood at Tk 4,661 crore, compared to Tk 3,547 crore in the corresponding period of last fiscal year.Finance ministry sources fear that the government ...
(read more) Wednesday, September 20th, 2006Bangladesh Country Representative of Asian Development Bank (ADB) Hua Du yesterday said that the country's economy has been badly affected by the recurring political conflicts. "Confrontation between the two major political parties has been affecting the economy," she said speaking at a lunch meeting of the American Chamber of Commerce (AmCham) in Bangladesh.She said she hopes the country however will tide over the difficult time ahead and there will be a smooth and peaceful transition of power to the elected government"We have noted that the political situation is becoming increasingly confrontational in the lead-up to the next general ...
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