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KAMAL-ADB PRESIDENT
Kamal seeks greater help from ADB to tackle COVID-19 shock
DHAKA, April 20, 2020 (BSS) – Finance Minister AHM Mustafa Kamal today sought greater assistance from the Asian Development Bank (ADB) in different sectors to overcome the shock of novel coronavirus (COVID-19).
In order to face the adverse impact of this deadly virus on the country’s economy and also on society, the minister sought greater ADB assistance, including extended project assistance, $ 1 billion budget support in the next fiscal year (FY21) in addition to $500 million budget support in current fiscal year (FY20), $100 million support for the frontline workers like health workers, civil administration, members of the law enforcement agencies and emergency services providers.
The finance minister also sought $150 million from the Manila-based lending agency for generating employment for those local and expatriate Bangladeshi workers who lost their jobs due to COVID-19 as well as rehabilitating the micro, small, medium and cottage industry entrepreneurs. Kamal also requested the ADB president to reduce commitment charge on OCR loans given by the ADB.
The finance minister discussed these during a phone conversation with ADB President Masatsugu Asakawa today, said a Ministry press release.
Kamal said, “Coronavirus has started to put impact on our imports and exports while most of our expatriate Bangladeshis have become jobless due to this pandemic. As a result, the inward remittance flow has come to a stagnant stage and to face such crisis moment, we seek continued support and assistance from the ADB.”
Extending thanks to the ADB president for announcing a $20 billion financial package for supporting the member countries to overcome the impact of COVID-19, the finance minister also hoped that with the support from the ADB, the member developing countries would be able to overcome the adverse impact of this deadly virus.
The finance minister also thanked the ADB for announcing $602.39 million immediate support to Bangladesh for tackling this virus.
Kamal said the shock of the global economic recession has also become a matter of concern for the economy of Bangladesh. “We don’t know for how long this crisis will persist and to what extent it will impact our economy. Despite this, we’re working to face the possible negative impact of this virus on our economy,” he said.
In response, the ADB president told the finance minister that he had taken note of the issue of providing financial assistance to Bangladesh and would inform the government of Bangladesh later after reviewing the proposals.
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