The Government of Bangladesh is poised to approve a Tk 2.65 trillion development budget for the fiscal year 2024-25. The approval is expected to come from the National Economic Council (NEC), led by Prime Minister Sheikh Hasina, in a meeting scheduled for Thursday.
The budget includes a meticulously crafted spending plan with significant allocations for transport, communications, and other key sectors.
The proposed Annual Development Programme (ADP) for 2024-25 includes allocations for 1,337 projects, with 60 new projects added to the roster.
The transport and communications sector is slated to receive the highest allocation, totaling Tk 706.88 billion, representing 26.67% of the total ADP outlay.
Following transport and communications, the power and energy sector will receive substantial funding, reflecting the government’s commitment to improving energy infrastructure and ensuring reliable power supply. The education, housing, and community development sectors are also significant recipients, indicating a balanced approach to fostering human capital development and improving living standards.
The Planning Commission (PC) has proposed that Tk 1.65 trillion of the ADP funding come from the government’s internal resources, while Tk 1 trillion will be sourced from external resources as project aid. This balanced financing strategy uses domestic funds and international support to execute development projects effectively.
The proposed ADP also includes a Tk 132.86 billion allocation for autonomous and semi-autonomous public agencies. These funds will support various projects these entities undertake, further contributing to the country’s development agenda.
The Planning Commission, headed by the Planning Minister, finalized the ADP last week during an extended committee meeting. This draft, which represents a 0.76% increase from the original Tk 2.63 trillion ADP and an 8.16% rise from the revised Tk 2.45 trillion ADP for FY24, will be presented to the NEC for final approval.
The upcoming ADP also includes a block allocation of Tk 99.58 billion, with Tk 63.28 billion designated for ‘special development needs.’ This provision allows for flexibility in addressing emerging and unforeseen developmental requirements throughout the fiscal year.