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Bangladesh slashes annual development spending

Xinhua, March 10, 2015 Adjust font size:

The highest economic policy-making body of the Bangladeshi government has slashed the allocation for its Annual Development Program (ADP) by 6.61 percent in the current fiscal 2014-15 fiscal year (July 2014-June 2015).

The ADP allocation was slashed at a meeting of the National Economic Council (NEC) chaired by Prime Minister Sheikh Hasina here on Tuesday.

The NEC meeting approved the revised ADP fund to 750 billion taka.

In the budget in June last year, the size of ADP for the current 2014-15 fiscal year was set at 803.15 billion taka with power and communications sectors getting the biggest chunk of money.

Sources said the ADP allocations were downsized after taking into consideration the latest accumulated spending and purchase plan till June this year. (1 U.S. dollar equals to 78 taka). Endi