EUROPEAN UNION FUNDING BANGLADESH
The European Union has worked in partnership with Bangladesh to providing assistance to the education sector. Tuesday 19 May 2020, the European Union taken interest working with the Bangladesh Education sector for development purposes. Bangladesh education sector remained closed from March 2020, and with the world starting to reopen the education sector, there were consequences for the Bangladesh education sector.
With the education closed for month, weeks before the Annual Budget meeting in Dhaka, the European Union provided BDT4.28bn funding for Bangladesh Education Sector. during May 2020, the world was affected by the pandemic causing the currency value to decline in value. IN may 1 Euro was equivalent to BDT90.38, BDT4.28bn value in euros is EUR46.125m and the European Union seen the potential in Bangladesh when providing the funding.
The European Union recognises the Bangladesh ambition to be an Middle Income Country by 2030. For the country to be an middle income country, Bangladesh needs to improve the education sector and change academic specification to change the traditional education methods. Changes to the syllabus will help improve the country education potential and for education institution to form partnerships with overseas companies.
With two months of the closure of education, there are consequences for the education sector. with students leaving education, education centre closing down, decline in academic achievement. Education centres purpose is to educate the students to be the learners of today and leaders of tomorrow. When students graduate, companies in Bangladesh rely on the graduates to help the company to achieve the corporate objectives. The educated graduates helps the company to maximise profits and assist government to raise funds from corporation and income tax.
European Union has invested 20 bn in the global project to defeat the Covid 19 virus. Bangladesh was allocated EUR334 million for the health sector in May 2020. The European allocated 1.67% of the total funds and during this time the economy around the world is in crisis. Covid 19 was the reason what caused the education sector to close down. World taking action against Covid, Astra Zenaca working in partnership with Oxford to produce an vaccine, European Union target was for life go back to normal and the economies can reopen with no further delay.
BANGLADESH NATIONAL BUDGET FISCAL YEAR 2020 – 2021
The financial budget meeting taken place in June 2020, the Finance Minister Allocated 664 Billion to the education sector. This was 11.68% of the country budget and 2.10% of the GDP. With the education sector remaining closed, the Bangladesh economy reopened. With the markets reopened the Dhaka Stock Exchange Broad Index increased by 1.3% and the world bank valued the Bangladesh economy at $274 billion. With the stock exchange increased since the lockdown first started, the World Bank prediction for Bangladesh was for the economy increasing 3% by end of June.
The economy in Bangladesh has improved, the education sector remains closed. With 2.10 of the Gross Domestic Product allocated, education is behind schedule. The main focus for the next fiscal year was to ensure the loss of time away from the classroom is on schedule during the next fiscal year. This was the month education should have reopned immediately, the UGC has to get funds valued at £3.08 million to ensure over 40000 students were provided interest free loan of 8000 taka each to purchase an android phone.
The 664 billion taka allocated was divided into sectors
- Tk 249.37 Billion for the primary and mass education
- Tk 331.18 billion for secondary and higher
- Tk 083.45 billion for technical and madrasah education
Educated allocated 664 billion was an increase in comparison to the fiscal year 2019 – 2020 when the sector was allocated 611.18 billion. This is an increase of 8.64% comparison to the previous year and in the meeting it was stated the budget was decreased compared to the previous fiscal year.
664/11.7 x 100 = 5575.213 Billion was the country national Budget
In GDP 52.548 Billion
In USD 65.900 Billion
In the fiscal year 2019 – 2020, Bangladesh education sector was allocated 12.2 % of the national budget. The total for the 2019 – 2020 fiscal year was 611.18 bn and this was 12.2% of the country 2019 – 20 budget
611.18/12.2 x 100 = 5 009 672 131 147
In the Fiscal year 2019 – 2020 Tk 5010 bn Government Budget
Bangladesh Education Sector 2019 – 2020 Allocation 5010.00
Bangladesh Education Sector 2020 – 2021 Allocation 5572.21
The Bangladesh budget for 2020 – 2021 increased by Tk 562.21 Billion and increase of 11.22% percent comparison to the previous. With the country national budget increased, funds for the education sector increased by 52.82 billion. In relation to the percentages, 2020 – 2021 percentage was lower comparison to the previous considering the fact the funds allocated increased.
With the decline in percentages of the funds allocated the education sector, University Grant Scheme planning to make further developments to allocate 6% of the GDP to universities. Monday 8TH June 2020, the UGC planning to work with stakeholders on the plans to develop the Higher education. University Grant Scheme plan is to Improve the quality of teachings will mean progress can be made, students are provided quality education. The quality education results in exception exam results. This will enable students to study at world ranked university with access to scholarship. For the project to be achieved University Grant Commission request the GDP Allocation should be increased by further 2% in the next fiscal year.
The Bangladesh Gross Domestic Product value, education sector was allocated 2.1% of the budget. GDP value for Bangladesh value was Tk 316 191 bn. With the GDP value at Tk 316 191 bn, the University Grant Commission recommended the education sector to increase the GDP percentage by another 2% for the next fiscal year. The total for the 2021 – 2022 fiscal year will be 4.2% of the Bangladesh GDP value.
Budget/percentage = Total GDP value
Total GDP/100 x 4.2 = education sector allocation for 2021 – 2022 fiscal year
Bangladesh Education Allocation 2019 – 2020 618 bn
Bangladesh Education Allocation 2020 – 2021 664 bn
Bangladesh Education Allocation 2021 – 2022 1328 bn
University grant scheme are planning to work with the government to ensure for the next fiscal year, education sector is allocated Tk 1328 bn. This is an increase of 200% comparison to the previous budget year. In the annual budget, Education sector is allocated between TK 600 bn and Tk 675 bn from the government. The Bangladesh aim to be an middle income country, education sector funds increasing by 664 bn and with the new budget of 1328 bn will help Bangladesh education sector to be allocated 4.1 % of the GDP value for developing the education sector.
Education Cannot wait allocated $600000 to Bangladesh to reduce the numbers of students affected with closure of education sector. The donators were Norwegian Refugee Council $300000 and Plan International Donated $300000. Bangladesh getting $600000 was 1.37% of the total funds from ECW. Total of $19.0 million was allocated to countries education sector was affected. With millions of students affected in developing, Bangladesh allocated the 600000 in July 2020 will benefit the learners affected by the closure of schools and when family have been struggling to pay their children tuition fees.
The funding from Education Cannot Wait are to sponsor learners from the age 3 to the age of 19 affected by the closure of schools and cancelled exams, delay in education will result in the end for the student education. For primary school and secondary school student from age 8 to age 13 this will result in students leaving education and finding work in the informal sector. children leaving education and entering work will maximise the numbers in child labour.
Purpose of the grant from ECW is to ensure the children and youth remain in education in order to improve the country education sector. Education improving in developing economies will improve the country economy. In the recent years Bangladesh attracted Foreign Investment attracting London School of Commerce to start an education centre in 2007. With the pandemic putting children education at risk ECW have an target to achieve. ECW are working with their partners to raise $310 million.
JULY 2020 Funding Project to developing Countries was $19.0 million
EWC Project funding $310 million
Bangladesh will be allocated $4.247 million
In July 2020, Bangladesh was allocated 3.16% of the funds raised by ECW. With the ECW and the partners working on the project to raise $310 million, Bangladesh will receive more funds. Working in partnership with the ECW, has helped NGO representatives in Bangladesh to raise funds to help students in refugee crisis. With the Education Cannot Wait working on projects to raise $300 million this can be an opportunity for ECW to open an office in Bangladesh.
In November 2018, ECW working with NGO representatives in Bangladesh helped fund $12 million dollars to the Rohinga Children and refugees in Cox Bazaar, Bangladesh. For the Rohinga Children education is important to escape the poverty line. With the children living in refugee camps. ECW partners for the project were UNESCO and UNICEF Bangladesh. In July 2020, Bangladesh education sector is in crisis affecting over 4 million students nationwide.