The Economist, a London-based international weekly, has apologised for publishing an erroneous report on alleged misuse of donorfunds by Proshika, says a press release.

The Economist Intelligence Unit (EIU) in its July 2003 country report on Bangladesh referred to allegations of misuse of funds intended for poverty eradication brought against Proshika following an investigation by the NGO Affairs Bureau.

In an editorial note published in its web site, viewswire.com, and to be published in its January 2003 issue, EIU said, "We should like to make clear that our report was entirely based on an article in New Nation dated May 18, 2003, no official report having been published by the government. It also contained several incorrect figures, relating to amounts paid or allocated by Proshika, which we had inaccurately transposed from New Nation."

The Economist further regretted for not giving Proshika an opportunity to comment before publication of the report.

The corrigendum of The Economist mentioned that Proshika rejected all allegations of donations to politically motivated programmes and claims its assistance was government-approved and non-political.

All its accounts are duly audited by international accountants, Proshika said.

"We apologise for any wrong impression our report may have caused," The Economist said.