The very truth is that the world we live in is not equally provided with the resources needed. So, the flow of aid from government agencies of developed countries and private organisations goes a long way in supporting the economies, society and political situation in developing countries. The flow of aid is very important in the present world perspective, as most of the countries do not have that much ability to keep pace with development in the rest of the world.
The young people are the most valuable resources for a country. A country will fail on every front, if the potential of the young generation is not tapped. In aid management the young generation can play a great role.
If the young people are involved in the development process, the donor countries will get the confidence that their aid will be utilised properly. Then they will feel more encouraged to extend their aid in different forms.
Information technology can also play a great role in ensuring quality aid utilisation. It can be used to provide an easy access to information on how the aid that is obtained after hectic negotiations is utilised to address a particular problem and thus bring about a qualitative change.
Periodic assessments of aid utilisation can be published in the concerned section of media and on websites so that the donors get an access to all details about their. This will help make aid utilisation more transparent. The assessment should be made by analysts and experts in this particular arena.
And there should be checks and balance and the technology can be applied to do it accurately.
The foreign aid should be utilised in any sector that constitutes a large part of the economy. And the aid should be used as capital to derive the most benefit from it. If we talk about Bangladesh, agriculture is the country's most important sector as it accounts for around 19.29 per cent of the GDP (gross domestic product) and about 75 per cent of its people are directly or indirectly dependent on it for their livelihood. So, it is highly important to support growth of this sector very much.
In 2000 world leaders adopted the Millennium Development Goals (MDGs) that targeted eight areas to reduce global poverty and diseases by 2015. By adopting the development agenda and committing to build a global partnership for development, the world's wealthy countries acknowledged that development assistance was needed to spur investments made by poor countries themselves to achieve the goals.
This is important from the perspective of both rich and poor countries. In view of that the assistance in the form of aid is really a good way to reduce the inequality.
Effective aid management is very important for attaining the goal of development. When agriculture, the main contributor to the economy, is supported by aid, it starts booming and results in positive externalities. From the perspective of a developing country we can say that the aid is really an essential support for overall development.
The alleviation of poverty is the main target of this aid. However, there should be open discussions about how the country can manage more aid and, more importantly, how the country can efficiently use it for development in the targeted areas.
If the government, private organisations and individuals become more active, it would surely help attract donors and at the same time it would help learn the aid management technique from them.
Young people of the country, who are concerned about the country's image abroad, can be involved in the aid management. If the right people can be involved in the process, the quality of aid management will surely improve. That is what the developed nations want Bangladesh to do.
What is urgently needed is the infrastructural development as it aids the economic growth. The non-government organisations (NGOs) well-equipped with highly-experienced development staffs can work to serve the people. But their transparency and accountability must be ensured.
On the other hand, educational institutions should acquaint their students with the concept of aid management. A special body can be formed comprising experienced economists, financiers and analysts that will work on how to make the best use of aid.
The nation also should be interested in developing the country by making the prudent use of aid and establishing it as a role model of change with aid.
The writer is an MBA student
at the University of Dhaka.
© 2024 - All Rights with The Financial Express
