ZCZC
BSS-22
COVID-19-ECONOMY-MEASURES
$11.90b stimulus packages announced so far to offset COVID-19 impact
By Sajjad Hossain Sabuj & Golam Moinuddin
DHAKA, May 29, 2020 (BSS) – The government has so far announced a set of
stimulus packages worth around $11.90 billion or Taka 1,01,117 crore to
offset the COVID-19 shock on various sectors of the country and minimise the
sufferings of the people hit hard by the nationwide shutdown enforced to fend
off the deadly virus.
“In the wake of COVID-19 outbreak in the country, the government led by
Prime Minister Sheikh Hasina has so far declared a set of stimulus packages
of Tk 1,01,117 crore which is 3.6 percent of total GDP to reinvigorate the
country’s economic activities and production system,” a source at the Prime
Minister’s Office (PMO) told BSS.
It said a total of 18 economic sectors, including export-oriented
industries, small, medium and cottage industries, agriculture, fish farming,
poultry and livestock have been brought under these incentive packages.
Among the packages, the highest amount of Tk 30,000 crore has been
allocated for providing working capital facility to the affected industries
and services sector organizations followed by Tk 20,000 crore stimulus
package for supplying working capital to the small (including cottage
industries) and medium industrial enterprises.
The other stimulus packages announced by the government are special fund
for the export-oriented industries with Taka 5,000 crore and expanding the
facilities of Export Development Fund (EDF) introduced by Bangladesh Bank
with Taka 12,750 crore.
Besides, incentive packages like Pre-Shipment Credit Refinance Scheme with
Taka 5,000 crore, special honorarium for the doctors, nurses and health
workers with Taka 100 crore, health insurance and life insurance with Taka
750 crore and free distribution of food materials with Taka 2,503 crore were
announced by the government.
The other stimulus packages announced so far by the government are
agriculture subsidy with Taka 9,500 crore, agriculture refinancing scheme
with Taka 5,000 crore, refinancing scheme for the low-income professional
farmers and small businessmen with Taka 3,000 crore, selling rice at Taka 10
per kg with Taka 251 crore, and distributing cash among the target-based
communities with Taka 1,258 crore.
Moreover, incentive packages for expanding the coverage of allowance
programme with Taka 815 crore, building houses for the homeless people with
Taka 2,130 crore, Boro rice/paddy purchase operation (additional 2 lakh
metric tons) with Taka 860 crore, and mechanization of agriculture works with
Taka 200 crore were declared since the outbreak of the coronavirus.
Prime Minister Sheikh Hasina on May 14 launched the disbursement of Taka
1,250 crore cash assistance among 50 lakh poor families hit hard amid the
COVID-19 pandemic.
Under the programme, each of the 50 lakh destitute families, affected
badly due to COVID-19 outbreak, received Taka 2,500 ahead of the Eid through
mobile financial services (MFSs).
Through this cash support, nearly two crore people were directly
benefitted as on an average four members have been counted in each of 50 lakh
families, the source said.
MORE/ BSS/GM-SH/GA/1750 hrs