Pick projects with quick returns

Prime Minister Sheikh Hasina yesterday tasked top bureaucrats with selecting projects that benefit the people and provide immediate returns, and to ensure the quick utilisation of foreign loans.

Chairing the first Ecnec meeting with the newly elected government, the PM also gave directives to ensure necessary funds to speed up the projects which are near completion.

The meeting was held at the National Economic Council’s conference room in planning commission in the capital.

“The Cabinet secretary was given the special task to identify projects for the welfare of the people considering the socio-economic development aspect,” Planning Division Senior Secretary Satyajit Karmakar told reporters after the meeting.

He added that the Cabinet secretary would meet with other secretaries of the ministries concerned, whose projects are nearing completion.

“The meeting identified issues [regarding projects] and those would be conveyed to the planning commission. If further issues, regarding money disbursement and more, come up, then the finance ministry….”

Hasina gave the instructions at a time when projects are being persistently delayed, causing cost overruns while also lowering the expected benefits.

Satyajit also said the PM instructed the principal secretary of the Prime Minister’s Office to take steps to release the money promised by the development partners to tackle the climate change impacts in Bangladesh.

“The premier stressed on taking concerted steps so that foreign loans and grants are disbursed without any hassle.”

He added that the French government has already committed to provide $1 billion support to Bangladesh for tackling climate change impacts alongside the commitments from other development partners like the World Bank and the ADB.

Hasina gave the instructions when unused foreign loans surged to $48.44 billion in November from $44.7 billion in June 2023.

Satyajit added that the PM also gave directions to the authorities concerned to use products of local industries for development projects.

The ECNEC meeting approved nine projects, with an overall estimated cost of Tk 3,354 crore.