Highest transparency, accountability a must for proper utilisation of incentives
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Sunday
January 29, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SUNDAY, JANUARY 29, 2023
Highest transparency, accountability a must for proper utilisation of incentives

Analysis

Dr Fahmida Khatun
05 April, 2020, 08:55 pm
Last modified: 07 April, 2020, 03:45 pm

Related News

  • Govt cuts expenditure as it fails to boost revenues: Prof Mustafiz
  • Proposed power master plan to create more idle capacity, add to subsidy burden: CPD
  • Tk170cr incentive for 27 lakh farmers to boost Boro production
  • Clean energy can save $16b on resources, subsidies in 2023-25: CPD
  • Multilateral dev aid supply-driven, not based on countries' demands: Dr Debapriya

Highest transparency, accountability a must for proper utilisation of incentives

Many ways to misuse the money may open up if incentive loans are disbursed based on banks’ relations with customers. The highest level of transparency should be ensured.

Dr Fahmida Khatun
05 April, 2020, 08:55 pm
Last modified: 07 April, 2020, 03:45 pm
Highest transparency, accountability a must for proper utilisation of incentives

The government must ensure maximum transparency and accountability for proper utilisation of the incentive package offered by the prime minister. Given the context of the country, transparency is very important in spending any sum of money.

But the issue of transparency and accountability of the funds' distribution channel has not been mentioned in the prime minister's speech.

The big incentive package is a timely and much needed one but the government should formulate specific guidelines for its proper management. Efficient utilisation of the package is very important, because the government has already lagged behind in revenue collection this fiscal year.

The Centre for Policy Dialogue has already made a projection that the revenue shortfall this financial year will be Tk1 lakh crore. In the present context, the gap will widen further. The country's economy is already under pressure due to the coronavirus pandemic.

Meanwhile, the Tk5,000-crore aid for the export-oriented industry is too inadequate for them while all sectors need large incentives.

Besides, many ways to misuse the money may open up if incentive loans are disbursed based on banks' relations with customers. The highest level of transparency should be ensured so that the loans do not go to those hands who are not real entrepreneurs. Commoners have nothing to do here. What is imperative is the government's honest political will to the supreme degree.

To ensure optimum utilisation of the incentive package for the poor's social safety, the money should be sent to the bank accounts of respective beneficiaries. In case of relief distribution too, cash, not commodities, should be given to the poor. This will also promote social distancing.

Besides, the government has also not clarified the source of the money for the incentive package. The Bangladesh Bank has been named as the source. But, I do not support printing Takas at the moment because it may devalue the currency. Inflation may go up, which will create pressure on the people, causing their living standards to fall.

So, the government should look to different international development agencies and donors for sourcing the money quickly and on easy terms. The International Monetary Fund (IMF), World Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Islamic Development Bank and other agencies have already announced big assistance packages. The IMF is announcing assistance every day. We will have to take initiatives soon. And unnecessary spending should also be cut.

Dr Fahmida Khatun is currently The Executive Director of Centre for Policy Dialogue

Economy / Top News

CPD / incentives

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: UNB
    Only AL made country self-sufficient in food: PM
  • Reconditioned vehicles running out of stock as traders fail to open LCs
    Reconditioned vehicles running out of stock as traders fail to open LCs
  • Photo: TBS
    Corruption remains the biggest barrier to business: CPD

MOST VIEWED

  • Illustration: TBS
    Biz leaders want crisis management, energy security for survival
  • A proper price formula can help investors to plan big
    A proper price formula can help investors to plan big
  • SK Bashir Uddin: TBS sketch
    Investments risky without consistent policy, reliable data
  • Shams Mahmud. TBS Sketch
    Lack of coordination, policy biggest problems
  • TBS Talk: What Lies Ahead
    TBS Talk: What Lies Ahead
  • Md Shahidullah. Illustration: TBS
    The crisis might trigger factory sellout

Related News

  • Govt cuts expenditure as it fails to boost revenues: Prof Mustafiz
  • Proposed power master plan to create more idle capacity, add to subsidy burden: CPD
  • Tk170cr incentive for 27 lakh farmers to boost Boro production
  • Clean energy can save $16b on resources, subsidies in 2023-25: CPD
  • Multilateral dev aid supply-driven, not based on countries' demands: Dr Debapriya

Features

Nandita Sharmin's journey to give organic skincare a new identity

Nandita Sharmin's journey to give organic skincare a new identity

5h | Mode
Illustration: TBS

'The silver lining is that the worst is sort of behind us': Hamid Rashid, UN economist

8h | Panorama
Photo: Bloomberg

BuzzFeed and AI are a match made in fad city

7h | Panorama
Snipe in flight. Photo: Enam Ul Haque

Baikka Beel: 'A world where snipe work late'

1d | Panorama

More Videos from TBS

“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

1h | TBS Round Table
What does Shahrukh has in his 770 million dollar property?

What does Shahrukh has in his 770 million dollar property?

21h | TBS Entertainment
15 Reasons Your Entrepreneurial Career Can Fail

15 Reasons Your Entrepreneurial Career Can Fail

20h | TBS Career
Women are going to make history in match management in cricket

Women are going to make history in match management in cricket

19h | TBS SPORTS

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

4
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

5
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]