Govt starts preparing year-wise budget for Padma Bridge project - Share market analysis of dhaka stock exchange, Bangladesh
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06 February, 2013 09:30 AM Source: The Financial Express Bangladesh
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 The government has started preparing year-wise budgets for the Padma Bridge project, official sources said.

As part of the move, the Ministry of Finance (MoF) on Tuesday asked the Bridge Division to provide detailed year-on-year budgetary requirements for the project, they said. 
 
Finance Minister AMA Muhith informed the parliament on Monday that some Tk 243.94 billion would be needed to construct the Padma Bridge. The amount has to be arranged in four years. He said, the budgetary allocation for the project in the current fiscal year has to be increased.
 
Officials said, the Armed Forces Division will also be engaged in building the bridge.
 
They also said, some Tk 240 billion will be needed to construct the bridge in four years. 
 
A draft of the year-wise budget, prepared months back in case of own funding, figured out that some Tk 10.20 billion would be needed to carry out the works in the first year.
 
The draft also said, about Tk 98.68 billion will be needed in fiscal year (FY) 2013-14, Tk 77.86 billion in FY 2014-15, and Tk 37.0 billion in FY 2015-16 to complete the construction of the bridge.
 
When contacted, project director of Padma bridge Shafiqul Islam told the FE that his office had been preparing a year-wise budget for the project. 
 
"We are working on it," he said adding that the likely total cost can be estimated only after completion of the necessary works.
 
Officials said, in case of the construction starting in time, the cost might hover at around Tk 237 billion. As many months have elapsed, the cost might go up by around 20 per cent or Tk 47.50 billion, they added.
 
They said, alongside working for building the bridge from own fund, the government is also trying to form another new consortium to secure money. 
 
Besides, the government will also continue collecting voluntary contributions for which campaign will be started soon.
 
The government had opened two accounts each in all scheduled banks to collect funds from people. 
 
A senior MoF official said, the government will have to cut down unnecessary expenditures in the next fiscal budget. This is because a big chunk will have to be used for construction of the bridge.
 
He said, the Bridge Division has some Tk 8.0
 
billion until now as budgetary allocation. Some more funds will have to be allocated in the revised annual development programme to fund the first year's expenditure on the bridge. 
 
The World Bank was scheduled to provide US$1.2 billion, Asian Development Bank (ADB) $615 million, Japan International Cooperation Agency (JICA) $400 million, and Islamic Development Bank (IDB) $140 million for the bridge project.
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