Dhaka, Jun 13 (UNB) – The power and energy sector has received Tk. 28,051 crore for the coming fiscal 2019-20, up by 2,451 crore from Tk. 26,502 crore in FY2018-19.
Finance Minister AHM Musfata Kamal figured out this allocation in his budget speech while placing the national budget for the fiscal year 2019-20.
He said the government has set targets to generate 24,000 megawatts (MW) by 2021, 40,000 MW by 2030, and 60,000 MW by 2041 respectively.
To meet the demand for electricity in short, medium and in long terms, the projects for its generation, distribution and transmission are in different phases of implementation, the Finance Minister said.
The benefits of these initiatives, are already visible, he said, adding that the power generation capacity has now increased to 21,169 MW, and the government has succeeded to provide access to electricity to approximately 93 percent of population.
Besides, he said, projects for the construction of 53 power plants with capacity to generate 14,202 MW of electricity are underway.
To ensure energy security and sustainable energy supply system, the government has planned to reduce the use of fuel to 15 percent by 2021 and to 20 percent by 2030, Kamal said.
He said the present government has implemented various projects to set up coal- based power plants as an alternative to natural gas. “Some mega projects are being implemented at Paira, Moheshkhali and Materbari classifying these areas as power hubs.”
Besides, the natural gas and coal- based power plants, setting up of a nuclear power plant at Rooppur with a power generation capacity of 2,400 megawatts are in progress, he added.
To import Liquefied Natural Gas (LNG), an alternative to indigenous natural gas, and ensure energy security in the country, two Floating Storage and Regasification Unit (FSRU) with a daily capacity of 1000 million cubic feet have been installed, which currently adds around 650 million cubic feet LNG daily to the national grid, the minister said.
He said signing of an MoU between Bangladesh, India and Bhutan to import hydro power from Bhutan is underway, he added.
He said there are targets to generate 10 percent of the total electricity from renewable sources by 2020.
Aiming to promote electricity generation on the rooftops of private buildings using solar home system, a “Net Metering Guideline” has been prepared, he said adding that steps have been taken to install solar system panels on the rooftops of all educational institutions.
Mustafa Kamal said the government has taken a series of actions in the last two terms to improve the transmission infrastructures and support the additional generation capacity of the nation. “By the next year, each upazila of the country will have 100 percent access to electricity.”
About the energy sector, Mustafa Kamal said the government has undertaken short-, medium- and long-term plans to explore and extract unexplored gas and oil in land and sea areas.
By time, the excavation work of 24 oil wells has been completed by BAPEX, he said adding that after gaining new maritime boundary from India and Myanmar, Production Sharing Contracts (PSCs) have been signed with international oil companies for 4 offshore blocks to explore oil and gas in the sea areas of Bangladesh.
Sangsad Bhaban, June 13 (UNB) – Country’s foreign exchange reserve has now stood at US$ 33 billion.
Finance Minister AHM Mustafa Kamal came up with the statistics while placing the national budget for 2019-20 fiscal year in Parliament.
He said the foreign exchange reserve was only US$ 3.5 billion in 2005-06 financial year and it grew 9 times to reach US$ 33 billion in the outgoing fiscal year.
Dhaka, Jun 13, (UNB) – The government expects to create some one crore new jobs by establishing 100 Economic Zones (EZs) across the country, said Finance Minister AHM Mustafa Kamal on Thursday.
While placing the proposed budget for the fiscal year 2019-20 in parliament, he said, “Establishment of 100 Economic Zones across the country is in progress for employment generation through increased investment. Almost one crore new jobs will be created in these Economic Zones.”
He said the construction work of ‘Bangabandhu Sheikh Mujib Industrial Area’ the largest, planned and modern industrial area on 30,000 acres of land in Mirsarai, Sonagazi and Shitakunda upazilas is progressing in full swing.
“The investment proposals worth US$ 15.1 billion have been received so far for these Economic Zones,” the minister said.
Kamal said the government needs to enhance growth in the industrial sector to hasten GDP growth and generate employments.
As an alternative to public financing, he said the government will encourage approval and implementation of projects under the Public Private Partnership initiative for infrastructure construction.
“Rules for Viability Gap for PPP Project, 2018 and Rules for PPP Technical Assistance Financing, 2018 have been issued for simplification of the government's financial involvement process. A policy has been formulated for the implementation of PPP projects under G2G agreement,” Kamal said.
He said the implementation of 3 PPP projects is underway at a cost of US$ 2.7 billion. “At present, 61 projects have been selected for implementation under PPP model. A good number of projects are also in the pipeline.”
Dhaka, June 13 (UNB) – The national budget for the 2019-20 fiscal year was placed in Parliament on Thursday.
Finance Minister AHM Mustafa Kamal started presenting the national budget in the House around 3:07pm.
As he was having problem in placing the budget due to illness, the Prime Minister stepped in, saying the minister was unable to read out the budget speech. “If the Speaker allows me, I can read it out,” she said.
Finally, she started placing the rest of the budget on behalf of the finance minister after Speaker Dr Shirin Sharmin Chaudhury gave her the go-ahead signal.
After the budget speech by the Prime Minister, the Finance Minister placed the Finance Bill before the House.
Around 4:45pm, the Speaker adjourned the session until Sunday.
This is the first budget of the Awami League government of its third successive term and also the first one for Mustafa Kamal as the Finance Minister.
Earlier, President Abdul Hamid authenticated the national budget and the revised budget for placing before the Jatiya Sangsad.
The new budget envisages collecting Tk 377,810 crore as revenue in the new fiscal year.
Of the amount, the National Board of Revenue (NBR) has been tasked to collect Tk 3,25,600 crore as revenue. The non-NBR revenue collection target is Tk 14,500 crore while the non-llection target is Tk 37,710 crore.
Besides, Tk 4,168 crore will come from foreign grants.
A 15-minute documentary highlighting various economic developments of the government was shown through a multimedia presentation before the beginning of the budget speech.
Dhaka, Jun 13 (UNB)— President Abdul Hamid left Dhaka for Tajikistan on a seven-day official visit on Thursday.
He will attend the 5th Summit of Conference on Interaction and Confidence Building Measures in Asia (CICA) to be held in Dushanbe from June 14 and 15.
A VVIP flight of Biman Bangladesh Airlines carrying the President took off from Hazrat Shahjalal International Airport at 4pm.
First Lady Rashida Khanom and Foreign Minister Dr AK Abdul Momen are also accompanying the President.
Liberation War Affairs Minister AKM Mozammel Huq, the cabinet secretary, chiefs of three services, the dean of the diplomatic corps, Turkish ambassador in Dhaka and senior civil and military officials saw the President off at the airport.
President Hamid will be received by senior Tajikistan officials at Dushanbe International Airport at 10:10pm (local time).
Apart from joining the summit, the President is also scheduled to visit Uzbekistan.
He will return home on June 19.