IBFB for quarterly review of budget implementation

IBFB for quarterly review of budget implementation
International Business Forum of Bangladesh president Humayun Rashid on Tuesday, 16 June, 2020, called upon the authorities concerned to take the necessary measures for reviewing the budget on a quarterly basis so that it can be properly implemented.

International Business Forum of Bangladesh president Humayun Rashid on Tuesday, 16 June, 2020, called upon the authorities concerned to take the necessary measures for reviewing the budget on a quarterly basis so that it can be properly implemented.

'A high-powered advisory committee, involving the private sector, can be set up to review and monitor the implementation of the annual development programme,' he said.

The IBFB president made the suggestion at a virtual press briefing styled ‘Post Budget Observation of IBFB on National Budget for 2020-21’.

Humayun said that the advisory committee would submit the direction of proper implementation, review and scrutiny of the budget to the government through the relevant parliamentary committee.

‘The size of Bangladesh’s budget is increasing. As a result, the pressure to increase the capacity to manage and implement the budget is also increasing. We must develop the efficiency in budget allocation and increase the capacity to use the allocated funds appropriately,’ he added.

He said that the country could be taken forward through proper use of technology, proper monitoring of budget implementation, coordinated communication between different ministries, increase in quick decision making ability, learning from the experience of other countries and working together with the development partners.

‘Coronavirus is now the burning issue. The question of saving lives comes first, the second is livelihood. Needless to say, this is a new Bangladesh. The previous situation will never come back. We still hope that the finance minister will give a new vision of development by avoiding the legacy of the past. He will come forward to change the structure of the economy,’ he added.

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