The Financial Express

Socioeconomic recovery from coronavirus outbreak

TIB recommends special fund equivalent to 10pc of GDP

Published: March 28, 2020 21:44:43 | Updated: March 30, 2020 18:04:08

TIB recommends special fund equivalent to 10pc of GDP

The Transparency International Bangladesh (TIB) on Saturday called for setting up a special fund equivalent to at least 10 per cent of GDP to manage and steer the recovery process from socioeconomic setbacks caused by coronavirus.

“A special fund should be set up equivalent to at least 10 per cent of GDP for managing the crisis and steering the process of recovery from the socioeconomic setback being inflicted,” TIB Executive Director Dr Iftekharuzzaman said in a statement on Saturday, according to a press release.

UNB report says, the anti-corruption watchdog also urged the policymakers to develop a national strategy containing short, medium and long-term action plan to face the crisis.

It reminded that management of any crisis like this is always vulnerable to corruption, and called for ensuring the highest standards of transparency and accountability in implementation of the strategy.  

Recalling Prime Minister’s declaration on March 25 about the situation as a national crisis that needed collective action, Iftekharuzzaman said, “There's no scope of relaxing in complaisance relying on home quarantine and some visibly insufficient and uncoordinated measures.”

 “Now is the time to develop a national strategy involving relevant national and international experts that will contain short, medium and long term plan of action,” he added.

He also said the capacity to detect infection and treatment must be enhanced and decentralised across the country sooner than later.

 “Doctors and health workers must get full protection and their valuable service duly recognised,” he added.

Commending the Prime Minister’s initiative in aid of workers of the export-oriented sectors and ultra-poor, the TIB executive director said, “The process to implement this important initiative including how its benefits will reach the workers must be clearly defined without delay.”

During this crisis, despite all restrictions, the supply chain of food and daily essentials must remain active, the statement said.

TIB asserted that in order to effectively face such a huge challenge, there is no alternative to ensuring the highest standard of transparency and accountability.

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