World Bank Country Director Mercy Miyang Tembon has said the transition of stimulus packages, announced to minimise the impact of COVID-19 pandemic, should be transparent.
She also suggested enhancing the use of technology to facilitate supply chain finance and keeping trade open.
Mercy Miyang Tembon made the suggestions at a webinar on Bangladesh’s COVID-19 stimulus packages, economic sustainability, recovery, domestic investment, foreign direct investments (FDI) and overseas FDI, report UNB and BSS
The webinar, conducted by the FBCCI, was held at the FBCCI Icon in Motijheel on Sunday.
“Our engagement of the World Bank has been crucial at this point by facilitating liquidity to support millions in accessing healthcare, processing financial support to economic zones, and much more,” World Bank’s country director said.
She also said cooperation is crucial, as they are working with Bangladesh Bank to create a kind of risk-sharing, as most policies are dependent on financial institutions.
Agriculture Minister Dr M Abdur Razzaque, Foreign Minister Dr AK Abdul Momen, Industries Minister Nurul Majid Mahmud Humayun, Commerce Minister Tipu Munshi and Prime Minister’s Adviser on Private Sector and Investment Salman F Rahman spoke at the webinar.
FBCCI President Sheikh Fazle Fahim delivered the welcome address.
Asian Development Bank (ADB)’s Country Director in Bangladesh Manmohan Parkash, former FBCCI presidents Shafiul Islam Mohiuddin, AK Azad and Abdul Matlub Ahmed, BIDA Executive Chairman Sirajul Islam, BEZA Executive Chairman Paban Chowdhury, NBR Member Farid Uddin, former governors of BB Mohammad Farash Uddin and Salehuddin Ahmed, IDB Regional Manager Mohammad Nassis bin Sulaiman, IMF Country Economist Muhammad Imam Hussain, UN Resident Coordinator Mia Seppo, FBCCI Director and advisers also spoke, among others, at the webinar.
Manmohan Parkash suggested injecting more cash into the economy to overcome the impacts of COVID-19 pandemic.
He said injecting more cash into economy will help the economy with liquidity and domestic consumption. It will also help to improve the access to finance, cheap, affordable, with limited collateral to promote entrepreneurship, and jobs.
The ADB country director also suggested to launch a massive employment generation scheme for returnee migrants and unemployed and to focus on skills development and education.
He also urged Bangladesh government to carry out much-needed reforms for attracting investments and easing the cost of doing business.