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Coronavirus: SANEM Proposes 2 Year Recovery Plan for Bangladesh

Executive Director of the South Asian Economic Modeling Network (SANEM) Dr. Selim Raihan has now proposed a two-year recovery plan for Bangladesh instead of an 8th five-year recovery plan.

He claimed eight things that the recovery strategy will seek to get the economy back to the condition of December 2019.

Dr. Raihan also proposed to delay the beginning of the 8th Five Year Plan by two years and said it needs to be re-written. He said a large part of it seems to be irrelevant at this stage, according to his proposals shared with the media.

He suggested devising fiscal stimulus packages and monetary policies to support the RMG, other export-oriented and domestic-market oriented industries and SMEs.

He also talked about devising and extending social protection programs for a vast number of marginalized, near-marginalized and a large section of a suddenly vulnerable population, undertaking some 'politically feasible' policy reforms in the areas of trade, tax, banking sectors and explore ways for generating resources (domestic and external) to support the fiscal stimulus and eased monetary policy measures.

Dr. Raihan suggested suspending the LDC graduation target by at least three more years and raising the voice at the global level to push the SDG target year from 2030 to 2035.

Bangladesh has so far reported 70 coronavirus cases and eight deaths. The government has shut down educational institutions, mass transports and urged people to stay indoors to curb the spread of the virus.

Economic activities have almost come to a halt. The readymade garment factories reported cancellation or suspension of orders amounting to $3.02 billion until April 5.

Meanwhile, Prime Minister Sheik Hasina declared on Sunday four new Tk 67,750 crore stimulus packages to address the imminent economic impact of the current shutdown due to the coronavirus outbreak.

With the previously reported Tk 5,000 crore stimulus package, the overall package now stands at Tk 72,750 crore.

Source: UNB

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