Corruption has damaged many cooperatives, president stresses transparency and accountability

President Mirza Fakhrul Islam Alamgir has said that a large number of cooperative institutions in the country have been damaged by corruption. He stressed honesty and accountability across the cooperative sector, and called for a concerted effort by people at every level to resolve the fuel crisis and revive the struggling economy.

He made the remarks on Sunday (8 November) at a discussion organised by the Department of Cooperatives at the Osmani Memorial Auditorium in the capital, marking the 55th National Cooperatives Day.

Highlighting the importance of cooperatives in strengthening the economic base of rural communities and establishing the rights of marginalised people, the president said cooperatives are not merely about producing goods or doing business.

In his words, cooperatives are tied to the development of the rural economy, the creation of employment, the alleviation of poverty and the prospect of improving the living standards of marginalised people.

The president said this potential must be used to turn cooperatives into an effective instrument for building a self-reliant Bangladesh.

He also noted the manifold difficulties created for the country’s fuel management and the overall economy by the impact of global wars.

The president said everyone must come forward united to face these crises and keep the wheels of the economy turning.

Emphasising institutional development and sound management of the cooperative system, he said many societies have lost their effectiveness because of corruption.

To overcome this situation, transparency and accountability must be ensured in cooperative management, the president said.

Later, President Mirza Fakhrul Islam Alamgir presented the National Cooperatives Award-2025 to deserving individuals and representatives of institutions in recognition of their notable contributions to the sector.