Dhaka, Bangladesh (BBN)- The government would issue sovereign bonds worth US$750 million this fiscal to mobilize funds for construction of the Padma Bridge, Prime Minister Sheikh Hasina has said.
The government is also actively considering realization of surcharge, issuance of internal bond, pruning some development programs and maintaining austerity at all levels of the national life to pump in funds for the bridge, the prime minister said in her valedictory speech on the concluding day of this year's budget session in the Jatiya Sangsad on Sunday.
She assured the countrymen of launching the construction of the much-waited bridge this year and sought support of the countrymen and expatriate nationals in this regard.
Criticizing the World Bank (WB) for unilateral suspension of the credit agreement for the bridge, the prime minister said, "I have received many phone calls from fellow citizens at home and abroad. I have seen a national spirit in them which has made me inspired to go ahead with the project at our own source".
"We have already calculated how much money we will need yearly for the bridge. And, with the help of the countrymen, we will begin the construction this year," she added.
"Bangladesh economy is now much stronger to offset the worldwide recession. We have declared development budget of BDT 550 billion for the next fiscal from which we will keep a provision for the bridge," she said adding that "for this we have to follow some austerity measures and make sacrifice".
The prime minister said she had already talked to different ministries to slash some of their development projects and divert the saved fund for the Padma Bridge. By this time if any foreign country or company shows interest to provide support to the project, then we will certainly consider it giving the highest priority to national interest."
Sheikh Hasina again outright rejected the World Bank allegation of corruption in selection of the consultant for Padma Bridge Project, saying the WB's delay in taking the decision to suspend the fund caused immense financial loss for the country.
She said the government spent about BDT 15 billion from its own sources for land acquisition and rehabilitation of the affected persons, which was closely monitored by lenders including the WB.
BBN/SSR/AD-09July12-9:50 am (BST)
