Economic recovery from Covid-19: Bangladesh seeks more funds from ADB

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Bangladesh is committed to working together with ADB to tackle challenges of Covid-19, Fatima said 

Bangladesh has requested the Asian Development (ADB) to improve concessional resources to the damaged developing member countries (DMC) to overcome Covid-19 and achieve monetary recovery.

Fatima Yasmin, alternate governor of ABD from Bangladesh, made the decision at the 53rd Annual Meeting practically held between September 17 and 18.

“On behalf of Bangladesh, I acknowledge with deep appreciation ADB’s quick response for providing expenditure support of $500 million and health emergency support folks $100 million and grant of $6 million for procurement of emergency health supplies and equipments,” Fatima said.

ADB’s support contributes to achieving health and economic resilience through meeting needs of health, creating employment, promoting small and medium-sized enterprises, helping migrant workers, workers worst-hit by Covid-19, and expanding social back-up to increase the livelihood of the vulnerable groups.

“In the given situation, we request ADB to improve concessional resources to the damaged DMCs to overcome Covid-19 and achieve monetary recovery,” Fatima added.

“Bangladesh is focused on working together, and also in a coordinated way, to tackle challenges of Covid-19,” she said.

She also said Bangladesh has made significant progress in the socio-economic sector particularly in health, education, life span, reduced amount of child and maternal mortality, women empowerment and reducing poverty.

The country demonstrates impressive improvement in socioeconomic indicators like poverty rate reduced to 20.5% and extreme poverty rate to 10.5%, with a per capita income of $2,064 and life expectancy of 72.4 years.

“So, I'd like to place forward some expectations to ADB for achieving global development goals,” Fatima said.

“Bangladesh is a country of 160 million people and for a country like Bangladesh owned by DMC group B, ADB may increase the threshold of Covid Pandemic Response Option (CPRO) from US $500 million to US$ 1 billion. 

“Second, to handle the prolonged nature of Covid-19 challenges ADB can actively consider a second round of CIPRO to the damaged DMCs.

“Third, ADB may come forward with impressive and affordable financing models, for instance, impact financing, equity financing, green bonds to help DMCs strengthen their social and economic infrastructure.

“Fourth, appropriate technology transfer could be encouraged to tap the opportunities of the blue economy or ocean economy.

“Fifth, private sector engagement can be increased through provision of equity and less expensive and innovative instruments may be developed for attracting private sector participation.

“We hope that together we are able to combat Covid-19 impacts and also achieve a transformational development for our future generation Fatima concluded. 
Source: https://www.dhakatribune.com

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