Previous govt's 1,300 development projects a 'heavy burden' for current govt: Finance Minister

Finance Minister Dr. Amir Khasru Mahmud Chowdhury has termed the nearly 1,300 development projects taken up by the previous government as a heavy burden for the current government. He said that since many of these projects are more than half completed, they cannot be canceled even if they are wanted, and there are also questions about their rationality.

He made these remarks as the chief guest at a seminar titled 'Debating Budget and Beyond' organized by the Bangladesh Economic Association at the Institute of Diploma Engineers Bangladesh (IDEB) auditorium in the capital on Thursday (June 25).

The Finance Minister said that we have inherited 1,300 development projects taken up by the previous government. These are now a heavy burden for us. 50 to 60 percent of the work on many projects has been completed. As a result, they can neither be completely dropped nor can they be easily taken forward.

He said, while it is possible to cancel some of these projects taken in the last 15 years, it is not realistic to drop all the projects. As a result, the current government is facing a complex situation.

Highlighting the main philosophy of the budget, the Finance Minister said that one of the goals of the current government is 'democratization of the economy'. In the last few years, the economy had become a patronage-based system. Although the benefiting groups have received state facilities, the marginalized population has remained outside the economic plan.

He said, the government is taking various initiatives to include blacksmiths, potters, weavers, cottage industry entrepreneurs, cultural workers and rural women in the economic mainstream.

Highlighting the initiative to introduce family cards to increase demand and productivity in the rural economy, the Finance Minister said that the 'Krishak Card' will also be introduced for farmers.

He said, it has become difficult for farmers to repay bank loans. We have seen that we have had to waive off agricultural loans worth about 10,000 crore taka. Therefore, without increasing the debt burden, necessary assistance including fertilizers, seeds will be provided through Krishak Cards.

The Finance Minister said that the government has taken a plan to ensure universal primary healthcare. At the same time, initiatives are being taken to connect rural traditional products such as sheetalpati, pottery and weaving with the international market.

He said that it is possible to make a new contribution to the national economy through the creative economy by adding domestic products to global platforms like Amazon and eBay.

He also announced plans to develop a 'theater district' in Purbachal to further strengthen the country's music, drama and film industries commercially.

Describing Bangladesh's tax-GDP ratio as disappointing, the Finance Minister said that it is necessary to strengthen the capital market for long-term financing.

He said that a new commission has been formed with all professionals and no political appointments have been made. As a result of reforms in various laws and tax systems, the interest of international investors is increasing.

The Finance Minister claimed that the world's leading financial institutions and fund managers have expressed interest in investing in Bangladesh, which will be helpful in building a trillion-dollar economy in the future.

The Finance Minister announced a technology-based monitoring system to ensure transparency and accountability in project implementation.

He said that a digital dashboard will be launched to monitor the progress of each development project. The Prime Minister's Office, the concerned ministries and the implementing agencies will directly monitor the progress of the project. If the pace of work slows down or irregularities occur anywhere, it can be identified immediately.

Stating that the government currently has to repay a loan of about Tk 1.25 lakh crore, the Finance Minister said that despite the financial pressure, the government is working with the goal of creating one crore new jobs in the coming days.

Prominent economists, researchers and policymakers of the country participated in the seminar and expressed their views on budget, development plans and economic reforms.