PMO drafted the policy and the premier's principal secretary placed it before the Cabinet
The Cabinet has cleared the draft of the National Human Resource Development Fund Usage Policy 2019, aiming to ensure the transparent use of funds allocated for human resource development for both local and foreign labour markets.
"The policy has been approved for developing skilled manpower to accelerate the growing economy and meet the growing demands of local and overseas labour markets," said new Cabinet Secretary Khandker Anwarul Islam while briefing reporters at the Secretariat after the meeting.
He said the PMO drafted the policy and the premier's principal secretary placed it before the Cabinet as having skilled manpower is crucial for the socioeconomic development of a nation.
The Finance Division has already formed a company titled "National Human Resource Development Fund" (NHRDF), he said.
Mentioning that the policy has been made to ensure the use of funds effectively and transparently, he said financial allocations will be made against competent organizations for conducting trainings, and skill development-related research and survey works.
The National Skills Development Authority (NSDA) will receive applications from various organizations for skill development-related trainings and programs, research works and surveys.
"The authority will then examine the applications and select the qualified organizations in this regard in line with the policy. The NSDA will finally request the NHRDF authority to provide the financial allocation against the qualified organizations," said the cabinet secretary.
The Cabinet approved the ratification proposal of an agreement signed between Bangladesh and Nepal for avoiding double taxation on income and preventing tax evasion.
The agreement between Bangladesh and Nepal was signed on March 5, 2019, said the cabinet secretary adding that it will play a positive role in enhancing foreign investment and expanding industrialisation and trade of the two countries.
"If the agreement is implemented, the mutual investment and trade-business between the two countries will be expanded," he said.
Besides, the Cabinet was apprised of the prime minister's participation in the 18th NAM summit held in Baku, Azerbaijan from October 25 to 26.
According to a report placed at the meeting, 58.50% of the decisions taken by the Cabinet in the last three months, since July till Sept 2019, have been implemented.