The government is going to accelerate its less and medium priority projects and lifting the ban on spending funds on these projects.
Different conditions which were restricting those projects progress is now demolishing to take the country forward.
Recently, the Ministry of Finance has taken such a decision. All ministries and departments concerned have been instructed in the light of that decision.
It was learnt that, due to sudden restriction on less priority projects, a large number of people have become unemployed. Moreover, the economic development of certain areas has been facing disruption and people's dream was fading away.
In this situation, different ministries and ministers, government's departments and private organisations wrote to the finance ministry several times to release project money for the project implementation.
It was also learnt that Food Minister Sadhan Chandra Majumder has sent a Demi Official (DO) letter to release funds for a project related to rural development infrastructure. State Minister for Telecommunications and Information Technology Zunaid Ahmed Palak has given DO to release funds for 24 projects costing Tk 1,048 crore.
Besides, a letter has been sent to the Finance Secretary from the Prime Minister's Office to release funds for Support to Capital Building of Bangladesh Economic Zone Authority, Jamalpur Economic Zone, Investment Promotion and Industrial Development Increase Production-1 and Entrepreneur Creation and Skills Development Project.
Considering various aspects the finance ministry has given five instructions to all the Ministries and Departments for the smooth release and smooth implementation of the development projects.
Each ministry and the department will be able to spend the remaining 75 percent of the annual development program (ADP) allocation, with 25 percent of the government's share reserved. In this case, the calculation for the new project has to subtract block allocation. The 25 percent reserve has to be made by minimizing the expenditure of the project.
South Asian Network on Economic Modeling executive director Dr. Selim Raihan said, “To recover the economy and increase investment in the post-Covid situation it is necessary to release funds for development projects. For this, certain potential projects should be identified, otherwise, if all the projects are released on a mass scale they may face pressure again.”