Civil Aviation and Tourism Minister Rashed Khan Menon informed journalists of the move following a meeting of the parliamentary standing committee on the ministry on Monday.
"An executive aircraft will be purchased for the president and the prime minister's VVIP trips. The matter has been discussed with the finance minister (AMA Muhith). It will be purchased very soon," he said.
The left engine of Biman Bangladesh Airlines' plane 'Ranga Prabhat' stopped when it was flying at an altitude of 30,000 feet with Prime Minister Sheikh Hasina on board on Sunday, forcing an emergency landing in Turkmenistan.
On Sunday, the prime minister and her entourage had to spend four hours in Turkmenistan on their way to Hungary after the Biman Bangladesh Airlines aircraft carrying them made the emergency landing at Ashgabat International Airport.
Calls for a separate aircraft for the heads of state and government, similar to those for leaders in the United States, India, China, Saudi Arabia, Qatar and a number of other countries, have been growing on social media since the incident.
Biman has formed a committee and the Civil Aviation Authority, Bangladesh another to investigate the 'technical faults' in the aircraft.
Menon said the ministry also formed another committee of specialists to look into the incident.
"Those responsible for the incident will face action based on the initial report of the investigation committee before the prime minister returns," Civil Aviation Minister Menon said.
The prime minister reached Budapest, where she is taking part in a water summit, later on Sunday by the same aircraft safely. She is scheduled to return home on Wednesday.
Minister faces ire
Rashed Khan Menon came in for some harsh criticisms from the members of the parliamentary standing committee on his ministry over the faults in the aircraft at the meeting.
An MP, who attended the meeting, told bdnews24.com they observed that glitches in the aircraft would not have occurred had the ministry monitored the matters 'properly'.
Committee President M Faruk Khan said, "We expressed our utter disappointment. Because we saw that there was an incident on the runway when the prime minister was returning on a Biman flight some days ago."
"We wanted to know what steps have been taken against those responsible for the incident. They (ministry) said steps were being taken. We think there should have been more punishment for such irresponsible behaviour," he added.
In June, the plane taking the prime minister back from Saudi Arabia had to fly around the Shahjalal International Airport as the pilot saw something on the runway.
Menon said, "The members of the committee were very much angry. They also held me responsible. But there is no shame in it."
'Ask Boeing, GE for information'
The parliamentary committee has recommended asking Boeing, which made the aircraft, and General Electric, the manufacturer of the engine that stopped, for information on the faults that forced the emergency landing.
Faruk Khan told reporters that the ministry was asked to contact Boeing and GE, because they, along with Bangladesh authorities, were getting data through flight recorders at the 'ultramodern' planes.
"The data will be analysed to find out why and how that incident happened and whether someone was particularly responsible."
The former commerce minister said the parliamentary committee would investigate the incident if necessary after the Biman, CAAB and ministry inquiries.
The Parliament Secretariat said in a statement the investigation committees have been asked to submit copies of the reports to the parliamentary panel as well.