DHAKA, April 25, 2020 (BSS) – President of the Islamic Development Bank
(IsDB) Dr Bandar MH Hajjar today assured that his Bank is beside the people
and also the government of Bangladesh in this crisis period of Novel
Coronavirus (COVID-19) which is now sweeping across the world.
The IsDB President gave the assurance during a teleconference with Finance
Minister AHM Mustafa Kamal today over the impact of COVID-19 on the economy
and also on the human society, said a Finance Ministry press release.
“I want to assure you that the IsDB is with the people and also with the
government of Bangladesh while it would also remain beside the country in
future, Insha Allah,” Hajjar told Kamal.
The finance minister sought support from the IsDB in three sectors namely
in food security, medical and development of the agricultural system and its
mechanization.
In response, the IsDB President gladly accepted that proposal from the
finance minister saying that the IsDB team and the Bangladesh team would
later finalize the financing modality and the timeline through discussions.
Kamal said the economic activities of Bangladesh have almost come to a
standstill due to the countrywide general holidays owing to Coronavirus.
To offset the shock from COVID-19, he mentioned that Prime Minister Sheikh
Hasina has already announced stimulus packages worth $11.6 billion which is
3.5 percent of the GDP to be utilized in expanding public expenditure,
widening the social safety nets, and also to increase the supply of money.
The finance minister said that provision has also been incorporated in the
stimulus packages to provide working capital to the affected industries,
services sector and small and cottage industries through the banking sector.
“Financing is a big challenge for us to face the current situation, the
most important thing is now to ensure food security for people and also to
rehabilitate the low-income people,” Kamal added.
The IsDB President lauded the Prime Minister for announcing such huge
amount of stimulus packages in the wake of COVID-19 as well as various steps
of the government to face this crisis.
The finance minister lauded the IsDB President for announcing $2.3 billion
strategic preparation and support package for its member countries to face
the adverse impact of COVID-19.
Praising highly the dynamic leadership and role of Dr Hajjar, Kamal hoped
that the initiatives taken by the IsDB would play an important role to
overcome the adverse impact of COVID-19 on the member countries and on their
economies.
Bangladesh is a founding member of IsDB and has been closely associated
with the Jeddah-based lending agency since 1974. The IsDB has launched a
regional office in Dhaka in 2018 to boost its assistance to Bangladesh in
various socio-economic sectors.
The finance minister hoped that with this regional hub office, the
regional relations with the IsDB would be boosted further.
Currently there are 11 IsDB supported projects in Bangladesh and their
implementation progress is satisfactory.