MCCI, BEF look for transparent execution mechanism

Collected
The Metropolitan Chamber of Commerce and Sector and The Bangladesh Employers Federation urged policymakers to make a transparent mechanism free of red-tape with specific action programmes to implement the announced stimulus package.

The Bangladesh Bank should also expeditiously prescribe efficient modalities for banks to lessen the time for analysis of applications and disbursement of credits beneath the package.

Targeted task forces ought to be put in destination to screen that the support can be achieving the targeted persons, said a statement signed by MCCI president Nihad Kabir and BEF president Kamran T Rahman.

Prime minister Sheikh Hasina about Sunday announced the bundle worthwhile Tk 72,750 crore to save businesses and livelihoods affected by the coronavirus outbreak in the country.

MCCI and BEF, found in a joint affirmation issued on Sunday night time, appreciated the bundle and termed it extremely timely and a good bold response to stimulate the economy and minimise the possible devastating impacts of the pandemic on the market.

Under the bundle, creation of a Tk 30,000-crore fund for large industries and Tk 20,000-crore fund for small and medium industries at 4.5 % and 4 % interest rates respectively are really commendable steps, it explained.

The commercials banks will also be benefited as the rest of the 4.5 per cent and 5 % interests out from the total 9 % will be compensated from the government exchequer.

The major task lies forward in promptly and proficiently implementing these policies, the organisations said.

Swift disbursement of functioning capital and income support will be asked to reignite the economy and also to hold it moving at the rate essential, the statement said.

The trade bodies also recommended that there must be a public-private task force to judge and keep an eye on the credit management system based on bank‑client relationship.

In addition, it said that the federal government should have a bold part of boosting the way to obtain money in the market without fearing for upsurge in inflation and spending budget deficit as it was first historically seen that found in instances of recessionary crisis economies around the world succeeded to minimise the effects by firmly taking such measures.

‘Our pre-occupation with containing inflation and spending budget deficits should be temporarily put aside if we are to recreate demand and economical activity to anywhere near normal levels,’ it said.

The government may also consider other progressive approaches, including making special allocation, to enhance the neighborhood economy and reinvigoration of micro and smaller businesses which have already finished up through the crisis or that will face an almost complete lack of the trade through the Bangla Noboborsho and Eid, during which 50 to 90 % of their yearly demand arises.

Buoyant domestic consumer spending is a mainstay of our growth and the united states need to make boosting the neighborhood consumer a priority.

Judicious assessment will have to be made while identifying you see, the sufferers who lost their means to survive just like hawkers, rickshaw-pullers, vegetable vendors, dressmakers, little telephone and different repair shops, daily workers, etc. 

The trade bodies also applauded the programmes set out by the prime minister for the most disadvantaged persons in society who need immediate support, including cash support, distribution of rice at Tk 10 per kg, construction of shelter for homeless persons and different such social safety precautions.
Source: https://www.newagebd.net

Tags :

Share this news on:

Previous Story

Trending Topics

Archive