Young leaders have urged the government to stop the use of public funds in mega projects under the guise of development and to free the country from the burden of foreign loans. They highlighted the importance of engaging the general public, particularly young leaders, in creating people-centered financial planning as part of the government's financial strategies. This was discussed at an event titled "Thoughts of Young Leadership", which contributed to the development of the Public Financial Management Reform Strategy 2025-2030, according to a media release. The Strengthening Public Financial Management Program for Service Delivery (SPFMS), organized by the Finance Division of the Ministry of Finance and supported by the World Bank, held a workshop this morning at the Intercontinental Hotel in Dhaka, attended by approximately 60 young leaders. The Young Activists Summit announces its lineup of 2024 Laureates The event was chaired by Dr. Mohammad Khairuzzaman Mojumder, Secretary of the Finance Division, and featured special guests including Mohammad Saiful Islam, Secretary of the Energy and Mineral Resources Division, and Md. Rezaul Makhsud Jahedi, Secretary of the Ministry of Youth and Sports. Suraiya Jannat, Lead Governance Specialist and Task Team Leader at the World Bank in Dhaka, presented on the topic “Future Government: From Government of the Past to the Government of the Future.” Sami Mohammad, a student of the Department of Economics, Dhaka University, highlighted the “Thoughts of Young Leaders” on government financial management reform during the event, which was conducted by Bilquis Jahan Rimi, Additional Secretary (Budget-1) and National Program Director of SPFMS. The young speakers called for the inclusion of “pre-budget discussions” in the strategic documents for sustainable and people-friendly financial reforms. They advised significant reforms in the conventional methods of tax collection and suggested, if necessary, to avoid the traditional year-end tax collection methods in favor of daily or weekly collection. A nation prospers only when its young people thrive: Chinese Ambassador Yao Wen In his remarks, Dr. Khairuzzaman Mojumder stated that the Government Financial Management Reform Strategy 2025-2030 would be formulated in light of the hopes and aspirations of the younger generation. Mohammad Saiful Islam emphasized that if financial reforms consider what the new generation wants and how they envision building the country, it would be possible to address various existing challenges in the financial sector. Youth and Sports Secretary Md. Rezaul Makhsud Jahedi announced that the Ministry of Youth and Sports is taking the initiative to launch a skills development training project to support the families of the martyrs and injured from the July movement. The Finance Division has initiated the development of the Third Government Financial Management Reform Strategy 2025-2030 with support from the World Bank. Global Affairs Canada and the European Union are providing financial assistance for this program. Previously, the government formulated and implemented two financial management reform strategies for the periods 2007-2012 and 2016-2021. The participation of stakeholders in the PFM reform strategy is a crucial initiative that plays an important role in making financial management sustainable, transparent, accountable, and effective. Hundreds of young activists demand in climate finance to fill the loss and damage funding A strong PFM system's foundation lies in enhancing asset management efficiency and delivering quality services. Additionally, it involves introducing medium-term budgeting and macroeconomic forecasting, along with the digitization of public financial management through e-systems like IBAS++ (Integrated Budget and Accounting System), automation of national savings schemes, modernization of pensions, and reforms in the management of state-owned enterprises.

Mega projects alone will not suffice and a specific action plan is needed to make Dhaka a livable city, said Environment Adviser Syeda Rizwana Hasan  on Monday. “We need more green spaces, open areas for breathing, seating spaces, and opportunities for youth to engage in sports," she said. She said these while speaking as a special speaker at a discussion programme at RAJUK Auditorium in the capital, organized on the occasion of World Habitat Day 2024. The theme of this year’s event was "Engaging youth to create a better urban future ." Upstream, downstream countries must work together to tackle climate change: Rizwana Rizwana Hasan further stressed that Dhaka must be designed for everyone. “To build a sustainable and environmentally friendly city, the involvement of youth is crucial. Their creativity can make the city more livable. “ She also proposed the inclusion of youth in RAJUK’s activities. The Adviser called for ensuring the rights of slum dwellers and those displaced by river erosion in development plans. The event’s Principal speaker was Adilur Rahman Khan, Adviser to the Ministry of Housing and Public Works and the Ministry of Industry. Immediate action to be taken to prevent river erosion: Syeda Rizwana Hasan The discussion was chaired by Secretary of the Ministry of Housing and Public Works, Md. Hamidur Rahman Khan. Remarks were also made by UN Resident Coordinator in Bangladesh, Gwen Lewis, and Additional Secretary Shakila Zerin Ahmed. The keynote presentation was delivered by Joint Secretary Naila Ahmed. During the event, the guests also unveiled two publications on the occasion of World Habitat Day.

Economist Dr Debapriya Bhattacharya on Thursday called for a roadmap for debt repayment of the top mega projects which will be started between 2024 and 2026. “A major shock is coming to the economy between 2024 and 2026 in terms of debt repayments for mega projects that cause concern for the economy. A plan is needed to deal with this situation,” he suggested. Dr Debapriya, a special fellow of the Center for Policy Dialogue (CPD), a private think tank, spoke to reporters about 20 mega projects in the country in a virtual conversation on Thursday. Also read: Mega projects won’t affect the economy: PM He also said currently the ratio of foreign debt to gross domestic product (GDP) is 1.1 per cent which may be doubled by 2026. In response to the question of whether Bangladesh will be in trouble or not, he said, it will actually depend on how the country's reserve situation is at that time, and how well the economy remains. Debapriya also said that Russia, China, and Japan will have to pay more for big projects. Among them, China's debt repayment period is quite short. Also read: Huge amount of money being siphoned abroad from mega projects: BNP He analyzed 20 mega projects, including Padma Bridge, Rooppur Nuclear Power Plant, tunnel under Karnaphuli River, Matarbari coal-based power plant, metro rail, rail connection of Padma Bridge and others. About Tk5.57 lakh crore is being spent on these projects. About 62 per cent of this is foreign debt. Debapriya also said that since 2009 there is a kind of national consensus on taking up big projects. Politicians show interest in it as visible development can be seen if big projects are implemented, he said. Even though 20 projects are scheduled to be completed by 2028, Debapriya said that it will not be possible to complete all of them in the current decade. He also pointed out that there is a lack of transparency and accountability in project implementation.

Prime Minister Sheikh Hasina on Wednesday ruled out any adverse impact on the country’s  economy and foreign exchange reserves due to the implementation of the mega projects as these had been undertaken following proper assessments.  “Proper financial and economic analyses were done before the mega projects were taken by the present government. So, there is no possibility of adverse impact caused by the execution of these projects,” she told the Parliament.   The premier was replying to a starred question from Jatiya Party lawmaker Fakhrul Imam (Mymensingh-8). Noting that most of the mega projects were undertaken with foreign loans or grants, she said these are soft loans with comparatively very low interest rate, long repayment tenure and long grace period. Moreover, no major complexity was noticed in the case of releasing the loan funds by the development agencies, said Hasina. She mentioned details about the implementation progress and current status of 16 mega projects including Padma Multipurpose Bridge Construction Project, Rooppur Nuclear Power Plant and Rampal 1320-megawatt friendship super thermal power project. The other projects include Matarbari 1200-MW ultra super critical coal-fired power project, Dhaka Mass Rapid Transit Development, LNG Terminal Construction and Gas Pipeline Installation Project, Payra Deep Sea Port, Padma Bridge Rail Link Project, and Construction of Single Line Dual Gauge Track from Dohajari to Cox’s Bazar via Ramu, from Ramu to Gundum, close to Myanmar. Also Read: PM urges high alert to foil plot against Padma Bridge opening The remaining mega projects are Payra Thermal Power Plant, Construction of Broad-gauge rail line from Bhanga Junction (Faridpur) to Payra port and Kuakata via Barishal, Cox’s Bazar Airport Development Project, Establishment of Economic Zones, Ashrayan-2 Project, Multi-lane road tunnel under Karnaphuli River and SASEC Dhaka-Sylhet Corridor Road Development Project.  PM Hasina said huge employments have been generated and many backward and forward linkage industries and businesses have developed during the implementation of the projects. “So, actually the country’s progress is getting accelerated directly instead of getting hindered through the projects,” she said. “Besides, since the projects (except Padma Multipurpose Bridge Construction and Payra Deep Sea Port Project) are getting finance from foreign sources, the project related import cost would not put any adverse impact on the reserves of foreign currencies in the country,” said the PM. The projects are being undertaken as per the need to continue the trend of the country’s development in economic, social and all other sectors, she went on. Unscrupulous persons are on efforts to increase illegal stocks and prices of essentials: In reply to another question from Treasury bench member AKM Rahmatullah (Dhaka-11), the prime minister said some unscrupulous individuals are making efforts to increase illegal stocks and prices of essential goods in the country taking the advantage of global inflation caused by the war and Covid-19 pandemic. She said the production and supply of essential items including foods has declined across the world due to the Coronavirus pandemic. In addition, the Russia-Ukraine war has caused global inflation. Hasina said the war deteriorated production and supply systems resulting in the global inflation and price-hike of essential goods. Bangladesh is no exception. But it has been possible to increase the production and continue the supply of goods in Bangladesh thanks to timely steps taken by the government, she said. “The unfortunate matter is that some unscrupulous persons are making efforts to enhance the illegal stocks and prices of daily essentials in the country taking this advantage,” said Hasina. She, however, said the government has already taken a good number of measures in order to keep price-hike, illegal hoarding and market system of daily essentials under control.  Responding to a question from Awami League lawmaker Nur Uddin Chowdhary Nayan (Laxmipur-2), Sheikh Hasina said the government has a plan to construct an 85-km inner circular road in a bid to ease the traffic congestion in the capital. Enactment of law, formation of authority for universal pension scheme underway: In reply to a question from AL lawmaker Md. Mamunur Rashid Kiron (Noakhali-3), the PM said the enactment of a law related to the universal pension scheme and formation of an authority under the law are under process. She said the government has taken the initiative for formation of the universal pension scheme with a view to ensuring the financial projection for the elderly people of the country by bringing them under a sustainable and organized social safety structure. Remittance inflow starts returning to pre-Covid normal trend: Answering a question from Jatiya Party lawmaker Rustum Ali Faraji, the PM said the inflow of remittance started returning to the normal trend of the pre-Covid situation. She said the inflow of remittance declined slightly to US$ 17.30 billion in the 10 months from July to April in the 2021-2022 fiscal, which is 16.25 per cent less compared to the same period of the previous fiscal year. She said the average inflow of remittance was US$ 13.42 billion in the first months of 2019-20, 2018-2019 and 2017-2018 fiscals. So, it is seen that the amount of remittance received in the first ten month of the current fiscal year is 28.91 per cent higher than the average inflow of remittance received in the same period in the pre-Covid three fiscal years, she added. So, it can be said that the inflow of remittance has not dipped, rather the inflow started returning to the normal trend of the pre-Covid period.

In dispelling the confusion being spread about the mega projects being implemented in the country Prime Minister Sheikh Hasina on Wednesday reaffirmed that her government remains cautious so the loans don’t become a burden. “Once these (mega) projects are implemented, the face of our economy will change. We’re taking loans from domestic and foreign sources. However, we’ve a careful eye so that they do not become a burden,” she said in an address to the nation on the eve of Pahela Boishakj, the Bangla New Year’s Day. The address was telecast live by Bangladesh Television and Bangladesh Betar and also private TV channels. The nation is set to celebrate the Pahela Boishakh-1429 on Thursday amid traditional cultural festivities. Also read: Govt to build cultural centre at each upazila to promote art and culture: PM About the mega projects, Sheikh Hasina said the Padma Bridge is being constructed with own funds as no loan was taken. Other mega projects were undertaken through economic studies by local and foreign experts. And many projects are being implemented on the basis of foreign partnerships. “Our main goal is to accelerate economic activities, create employment, increase resources and make the lifestyle of people easier through infrastructure development,” she said. The prime minister said 2022 and 2023 will be milestones for Bangladesh in terms of infrastructure development. The much-desired Padma Bridge will come into operation in just a few months. The bridge is expected to contribute 1.2 per cent to GDP, she said. She said the Metrorail will be launched on the 14-km Uttara-Agargaon route by the end of this year. It is expected to bring a revolutionary change in the transport system in the capital, she added. The country's first underwater tunnel, Karnaphuli River Tunnel in Chattogram, will be opened in October next, said Hasina.

The government considers designing and undertaking metro-rail projects for Chattogram and other major cities having larger airports as done in Dhaka. The issue for metro-rail projects for other large cities was discussed at a meeting of the Executive Committee of the National Economic Council (Ecnec) held virtually with Ecnec Chairperson and Prime Minister Sheikh Hasina in the chair. The PM joined the meeting virtually from her official residence Ganobhaban, while others were connected from the NEC conference room. Read: Govt unveils 27 border infrastructure projects “The Prime Minister said not only in Dhaka, the metro-rail project should also be in Chattogram. Prepare a design for the metro-rail project for Chattogram Airport to Chattogram Railway Station. Later, we should go for designs for metro-rail-like projects in large cities where there’re big airports,” said Planning Minister MA Mannan while briefing reporters after the meeting. The minister hoped that metro-rail projects would be placed for other large cities in the future. “We, on part of the Planning Commission, will also encourage city corporations to design such projects,” he said. Mannan said the Prime Minister at the meeting also stressed the need for the construction of satellite cities and towns. Read: DU Solar Project: Tariff issue remains pending with Power Division for a final decision 3 mega projects up for opening in 2022 The minister said three mega projects -- Padma Bridge, Metro-Rail (MRT-6) and Karnaphuli Tunnel-- out of 10 will be opened this year, which will play a significant role in accelerating the economic growth of the country. “The projects will play a massive role in the country’s economy as these will accelerate the economic growth,” he said, adding that the projects might accelerate the GDP growth by 2pc to 2.5pc according to some economists. State Minister for Ministry of Planning Dr Shamsul Alam said Padma Bridge is supposed to be opened in June 2022, while Karnaphuli tunnel in October 2022 and Mass Rapid Transit (MRT)-6 in December, 2022.

Jatiya Party Chairman GM Quader on Tuesday urged the government to make adequate allocations in the upcoming budget for taking mega projects to improve the country's healthcare system. “Mega projects need to be implemented to improve Bangladesh’s healthcare system. The implementation of mega projects in the health sector has become imperative considering the humanitarian aspects and people’s basic rights,” he said. In a statement, GM Quader said, “People want to see an outline and necessary allocations in the upcoming budget for implementing mega projects in the health sector.” Also read: Procuring vaccine from one source was a wrong move: GM Quader He said the ICU facilities must be ensured in public hospitals in every district of the country to save people's lives. The Jatiya Party chief said necessary steps should be taken for ensuring the facilities for all types of medical tests in all the government hospitals, including the upazila health complexes. “All the hospitals should have adequate beds with the facility of free supply of medicines. The necessary number of doctors, nurses and technologists should be recruited as soon as possible,” he observed. Also read: Eid-Ul-Fitr: JaPa leader GM Quader greets PM GM Quader said the coronavirus pandemic has exposed how helpless even the developed world when it comes to healthcare systems. ”So, better treatment facilities must be ensured in the country. If we can do that, no one will have to go abroad for treatment. It’ll save people's time and money in addition to ensuring the basic rights of ordinary people,” he added.

BNP secretary general Mirza Fakhrul Islam Alamgir on Monday alleged that the government is giving priority to ‘mega projects’ instead of the health sector amid the coronavirus pandemic.

Ruling out the possibility of any “substantial impact” of the coronavirus outbreak on the ongoing mega projects in Bangladesh, Chinese Ambassador in Dhaka Li Jiming has said more Chinese companies will come to Bangladesh as the country has been a very attractive investment destination.