Interim govt to continue the Japan funded project

The interim government will undertake a lone mega project during its tenure, namely the Matarbari deep-sea port, according to Planning and Education Adviser Prof Wahiduddin Mahmud.

"This will be the sole mega project during the interim government's tenure. It may be completed by 2030," he said yesterday at a press briefing in the capital's Agargaon.

In this regard, the Executive Committee of the National Economic Council (Ecnec) approved the "Matarbari Port Development Project", which was revised for the second time.

"This deep-sea port has geopolitical significance. Many countries, including China and India, want to build this port," the adviser said.

However, the government has selected Japan as the development partner considering it charges lower interest and offers a longer repayment period, he said.

He added that once the deep-sea port comes into operation, trade and commerce in the country will be boosted while the importance of this route will increase.

"Existing ports will not meet the demands of the future," he said.

Matarbari deep-sea port has geopolitical significance. Many countries, including China and India, want to build this port

— Wahiduddin Mahmud Planning adviser

After revising the project, the overall cost now stands at Tk 24,381 crore with an additional cost of Tk 6,574 crore. The project was taken in 2020 and was supposed to be completed by 2026.

However, the deadline was later extended to December 2029.

Prof Mahmud said a new road would be built under this project, which will raise the overall cost.

He also opined that the level of corruption and waste of resources had now reduced to some extent.

"But the magnitude of extortion has probably not decreased so much," he said.

Besides, Prof Mahmud said the pace of investment in the country is slow. Although the private sector is the engine of the economy, many private sector entrepreneurs and bank owners are missing,

"After such a big political change, such a slowdown in investment is normal," he said.

Given this context, Prof Mahmud also said increasing public expenditure to some extent is necessary to spur job creation and ensure smooth functioning of the economy.

Prof Mahmud also said there was undue political influence on the growth and inflation figures that were presented in the past.

He added that the Bangladesh Bureau of Statistics (BBS) lacks capacity.

"I'm not reprimanding them for that. The situation is the same in all developing countries."

The adviser further said the government will prepare a report on the vehicles owned by the government throughout the country.

"Different government projects use vehicles but what happens to those once the projects end will be assessed in the report. Besides, for what purposes the vehicles are used will also be assessed," he added.

"We will know the condition of these cars. Road Transport and Bridges Affairs Adviser Muhammad Fouzul Kabir Khan will submit the report to the Advisory Council soon."