DHAKA, Aug. 19 (Xinhua) -- The Bangladeshi government has decided to shift its fiscal year to April-March from the traditional July-June cycle, according to local media reports.
The move aims to fast-track infrastructure work and boost quality by ensuring major projects are completed before the onset of annual monsoon rains, the Daily Star said, citing a press release after a meeting chaired by Prime Minister Tarique Rahman on Monday following a proposal from the Finance Division under the country's Ministry of Finance.
Bangladesh's infrastructure projects face annual delays and quality shortfalls because the fiscal year starts on July 1, coinciding with the peak monsoon, according to the proposal.
The timing forces construction and repair work to proceed during heavy rains in July and August, disrupting transport, damaging roads and drainage systems, and compounding public hardship, the document said.
It said adopting April-March as the fiscal year would make it possible to complete infrastructure development activities before the onset of the monsoon.
However, the official said that the government has designated fiscal year 2027-28 as a transition period, to be compressed into nine months ending in March 2028.
All official activities will then align with a new April-March fiscal cycle starting in fiscal year 2028-29, he added. ■