No fund for youth bodies as DYD running dry

A good number of youth organisations cannot get grants from the Department of Youth Development (DYD) due to fund shortage in the department, officials said.

They said every year the DYD gives Tk 20,000 to 25,000 as donation to voluntary youth organisations each with the fund being provided from the profit of interest of the department's permanent capital (seed money). The seed money is not sufficient now, they added.

Currently, there are over 17,000 enlisted youth organisations under the DYD. The number of applications of youth organisations for the donation is increasing day by day. Some 9,386 organisations have so far been provided with project-based donation worth Tk 120 million till date, according to the Ministry of Youth and Sport (MoYS).    

Bank authorities have cut down their rates of interest to single digit from double digit. As a result, the DYD is getting interest at 9 per cent instead of earlier 12 per cent on its seed money. Under the circumstances, it is necessary to increase the government donation to enhance the seed fund of DYD for the sake of different ongoing youth welfare projects, sources said.

Recently, State Minister of MoYS Shri Biren Sikder has sought an additional allocation of Tk 100 million from the Ministry of Finance (MoF) as permanent capital for the youth welfare fund.

The government had earmarked Tk 50 million for the Fiscal Year (FY) 2009-10. Presently, the total permanent capital of the department stands at Tk 150 million.

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