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25 March, 2020 04:23:06 AM

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Create emergency fund to support businesses

DCCI urges BB amid coronavirus outbreak
STAFF REPORTER, Dhaka
Create emergency fund to support businesses

Dhaka Chamber of Commerce and Industry (DCCI) yesterday requested Bangladesh Bank to create an emergency fund with 1 per cent interest using foreign exchange reserve to support the financially stressed businesses for paying salary of their workforce amid coronavirus outbreak.

“The coronavirus outbreak has profound impact on global economy and human lives worldwide. This outbreak has already triggered the fear of global recession affecting industrial production, global supply chain, aviation and hospitability industry, retail business, demand for products and services and jobs,” said DCCI in a press statement.

DCCI also said Bangladesh Bank can waive bank interest of affected export oriented manufacturing sectors for next one year. Alongside, other promising export sectors can be brought under the scope of EDF scheme.

The geo-economic meltdown also affected the major export destinations of Bangladesh like European Union (EU), USA, UK and Canada. To tackle the outbreak, many EU countries and other part of the world have enforced lock-down which results into shut-down of high-street retail businesses and trade network to the large extent.

The outbreak of coronavirus has already triggered the fear of global recession affecting industrial production, global supply chain, aviation and hospitability industry, retail business, demand for products and services and jobs.

In a bid to protect the people and economy from the adverse impact of coronavirus, DCCI urges government to bring together its global allies and partnership in a coordinated endeavor. DCCI also feels government may approach emergency financing facilities of IMF, ADB and the World Bank as an alternative financing stream against low internal revenue trend. Alongside, government may negotiate with international development partners seeking interest waiver of the debt payment for next 1 year.

DCCI also feels for greater socioeconomic balance, the social safety net can be expanded encompassing all vulnerable and marginalised people especially daily labourers, job loss victims and informal micro and small businesses as this informal sector is the key actor of local SME industry supply chain process. To help the safety net, DCCI feels sales limit and strong market monitoring of daily essential commodities need to be strongly enforced to ensure fair price for mass people.

EA

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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