Kamal seeks WB, IMF works with to handle COVID-19 impact
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The finance minister may make the decision while addressing a video conference with the World Bank and IMF headquarters on coronavirus situation
Finance Minister AHM Mustafa Kamal on Wednesday urged the World Bank Group and the IMF to stand beside Bangladesh with greater support taking into consideration the crisis found in the wake of global coronavirus (COVID-19) outbreak, reports BSS.
“It’s not possible for a nation to singlehandedly face this crisis (COVID-19). So, we desire the World Bank Group and the IMF to stand beside us to face this crisis. It’s our ardent demand to the World Lender Group and the IMF to create increased support to us looking at this dangerous situation.” he said.
The finance minister said this while addressing a video conference with the World Bank and IMF headquarters on the most recent coronavirus situation from the NEC Conference Room in the city’s Sher-e-Banglanagar area.
NBR Chairman Abu Hena Md Rahmatul Muneem, LENDER Division Senior Secretary Md Ashadul Islam, Financing Division Secretary Abdur Rouf Talukder and ERD Secretary Fatima Yasmin, were present, amongst others on the occasion. Bangladesh Lender (BB) Governor Fazle Kabir joined the press meeting from his office.
Highlighting the coronavirus circumstances in the united states, the finance minister explained the COVID-19 spreads fast as the countries around the world will be enforcing lockdown, shutdown and disruption of the interaction system to stop spreading of the virus which is putting negative effect on the global economy without any doubt.
He said the global talk about markets have previously witnessed around 28-34 percent fall as the global monetary growth could came down to 1.5 percent if this crisis persists long.
“We’ve also started feeling its impact (COVID-19). We’re worried that the COVID-19 crisis could impression our overall economy in a multifaceted approach,” Kamal explained, adding that the RMG sector, the key export-oriented sector of the country, is now passing hard period and in addition being affected as a result of shutdown in america, the UK and Europe.
The finance minister mentioned that the country’s infrastructure sector projects could experience lengthiness as a result of impact of the deadly virus although it would also put a poor impact on the inward remittance flow because so many expatriates have already returned home following this outbreak.
Mentioning that the united states acquired attained 8.15 percent growth in the last fiscal year (FY19) that was the best among the Asia-Pacific region although it was poised to attain 8.20 percent growth in the current fiscal year (FY20), he said however Bangladesh could lose its 1.1 percent of GDP growth because of COVID-19 spread, citing an analysis of the ADB.
The finance minister also said when Bangladesh is poised to become higher mid-income country also to attain the SDGs by 2030, the entire world including Bangladesh is facing the adverse impact of this virus.
The World Bank has recently announced a $14 billion global fund as the IMF $50 billion global fund to handle the coronavirus and Bangladesh is expecting a major chunk from this global fund to handle the economical crisis in the coming days due to this virus.
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