Saturday, June 15, 2024

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বাংলা
Dhaka Tribune

Development must be on time and within budget

This struggle not only hampers progress but also undermines the country's ability to realize its full economic potential

Update : 15 Feb 2024, 05:11 PM

Prime Minister Sheikh Hasina’s plea to quickly finish the development projects that are being delayed is timely and important, and we hope that the authorities concerned pay heed to her words and act accordingly.

Bangladesh has persistently grappled with timely and cost-effective completion of development projects. This struggle not only hampers progress but also undermines the country's ability to realize its full economic potential.

While economic shocks such as Covid-19, Russia’s invasion of Ukraine, and the attacks on Gaza cannot be forecasted, what can be done are proper planning and execution. 

Yet, poor initial assessments, insufficient feasibility studies, and ineffective project management are the norm for us, leading to delays, escalations in costs, and sometimes even abandonment of projects mid-way. Such setbacks not only waste valuable resources for an already resource-scarce nation such as Bangladesh, but also erode public trust and confidence.

The other persistent issue continues to be bureaucratic red tape and administrative hurdles; lengthy approval processes, bureaucratic inefficiencies, corruption, and a culture of impunity can only lead to one conclusion -- vital infrastructure projects, crucial for economic growth and social development, languish in limbo, stifling progress.

The consequences of delayed and over-budget projects ripple across the economy, impeding investment, and hindering job creation. Investors, both domestic and foreign, are deterred by the uncertainties surrounding project timelines and costs, leading to a slowdown in economic growth and missed opportunities.

To unlock Bangladesh's full economic potential, we must address the underlying issues plaguing project implementation, including streamlining bureaucratic processes, enhancing transparency and accountability, and strengthening project management capacities within our institutions.

At the heart of it all however, if Bangladesh is to reach the heights it aspires to reach, we need the people tasked with developing this nation to do their duty, with diligence and not disregard.

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