SANEM seeks transparency in financial package execution

Staff Correspondent | Published: 21:49, Apr 07,2020


The South Asian Network on Economic Modeling has suggested that the government should make the announced financial packages transparent and ensure accountability in the implementation stage of the packages.

‘Care must be taken to ensure that the benefits of these financial packages are not held in the hands of certain influential sectors and groups,’ the SANEM said in its reaction to the government’s financial packages worth Tk 72,750 crore to address the crisis caused by the coronavirus outbreak in the country.

The independent research organisation in a press release welcomed the packages and urged the government to keep some issues in mind in the context of the upcoming national budget.

SANEM executive director Selim Raihan on Monday said firstly a large allocation to the health sector was required, which was not mentioned in the announced financial packages.

‘It is necessary to increase the allocation for the health sector by many folds in the budget. It is needed to cut down less important government spending to finance the increased allocation for the health sector,’ he said.

The tax management and banking sectors need some much-needed and urgent reforms to effectively arrange the money announced in this financial packages, the SANEM said.

Now it is the time to take some ‘politically feasible’ reforms and act against the vested interests in these two sectors, it suggested.

There is a need to significantly increase the size and coverage of social security programmes and create new types of social security programmes for poor, very poor, marginalised population and the people who have become suddenly vulnerable in the current situation, the research body said.

A large part of this large population is in the informal sector, it said.

But there is no emphasis on the informal sector in the announced financial packages, it observed.

There is a need for a strong stance against corruption, and ensure transparency and accountability in the implementation of the social security programmes, the SANEM suggested.

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email