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Bangladesh approves 12.43 bln USD development program for next fiscal year

Xinhua, May 14, 2015 Adjust font size:

The highest economic policy-making body of Bangladesh Thursday approved a 970 billion taka (about 12. 43 billion U.S. dollars) annual development program for the country in the next fiscal year 2015-16, beginning in July, with transport, power, physical infrastructure and education sectors getting the biggest chunk of money.

Bangladesh's new annual development program (ADP) was approved at a meeting of the country's National Economic Council with Prime Minister Sheikh Hasina in the chair on Thursday here in the capital of Dhaka.

Out of the total size of the ADP for the coming fiscal year 2015-16 (July 2015-June 2016), Bangladesh's Planning Minister AHM Mustafa Kamal told journalists after the meeting that around 40 percent fund will be mobilized from external resources and the rest from internal resources.

The ADP fund allocation for the upcoming year is 29.33 percent more than what was for the revised one of the outgoing 2014-15 fiscal year (July 2014-June 2015), he said.

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.

Kamal said the annual development spendings represent an about 21 percent rise on the original ADP for outgoing 2014-15 fiscal.

On revision, the original 803.15 billion taka ADP for 2014-15 fiscal year was slashed to 750 billion taka in March this year.

The number of projects under the new ADP will be 1,123, he added. (1 U.S. dollar equals 78 taka) Endi