Economic Reporter :
Metropolitan Chamber of Commerce and Industry (MCCI), Bangladesh Employers Federation (BEF) and Business Initiative Leading Development (BUILD), a private think tank, lauded the stimulus package announced by Prime Minister Sheikh Hasina on Sunday to save the businesses and livelihoods from the impact of COVID-19 pandemic.
“MCCI, BUILD, BEF and their members are extremely grateful to the Prime Minister for making this very timely and bold response to stimulate the economy and ensure the possible devastating impact of COVID-19 on the country’s economy,” said separate press releases.
Referring to the Prime Minister’s different initiatives over COVID-19 issue, the three institutions observed that Prime Minister Sheikh Hasina rightly stated that it is too early to assess the extent of the damage which can only be accurately done once the possible contagion is fully contained.
“The Prime Minister mentioned that her government has undertaken three stages of action programs since the virus was first detected in China. She also highlighted the philosophy behind the rescue plan in immediate, short, mid and long term basis,” they added.
The statements said that the Prime Minister has set out the program for the most disadvantaged people of society who need immediate support, including cash support, distribution of rice at Taka 10 per kg, construction of shelters for homeless people, and other such social safety measures.
They highly appreciated the government for providing priority to the disadvantaged citizens, which is in line with the Prime Minister’s firm commitment to the people of this country, and that no one will be left behind.
They mentioned that there are four specific financial packages mentioned in addition to the already declared Taka 5000 crore package for meeting the salaries of the workers of the export oriented industries.
“The creation of a Taka 30,000 crore fund for large industries and Taka 20,000 crore fund for small and medium industries with 4.5 percent and 4 percent interest rates respectively are extremely commendable steps,” they added.
MCCI and BEF observed that the commercials banks will also be benefited as the remaining 4.5 percent and 5 percent interests out of total 9 percent will be compensated from the government exchequer.
MCCI and BEF urged the government to consider other innovative approaches to boost local consumer demand.
In that regard, some special allocation may be made for boosting the local economy and reinvigoration of micro and small business which have already wound up during the crisis, or which will face an almost complete loss of the trade during Bangla Noboborsho and Eid, where anything from 50-90 percent of their yearly demand arises from, they added.
“The upcoming Ramadan and Eid-ul-Fitr is an extremely important period for the local economy in terms of consumer spending across all categories of products and services from food items to locally made clothes to recreational services, accounting for thousands of crores of sales for thousands of firms and individuals across Bangladesh,” they said.
