DHAKA, April 6, 2020 (BSS) – Metropolitan Chamber of Commerce and Industry
(MCCI) and Bangladesh Employers Federation (BEF) 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 and 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 a MCCI press release issued here today.
Referring to the Prime Minister’s different initiatives over COVID-19
issue, MCCI and BEF 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.
MCCI and BEF 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.
MCCI and BEF 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.