Speakers at a webinar recommended for a well-designed and tailored COVID stimulus package for the inclusive economic recovery, which also should segmented considering the 60.5 million labour force of which 4.4% are employees, 44% are self employed, 11.55% are family helpers and 15.5% labors.
They also opined that the involvement of NGOs, Associations in the disbursement process of FSP will make the better SME environment.
Business Inititative Leading Development (BUILD) organised the webinar as part of supporting the Government for redesigning a second-round stimulus package for inclusive economic recovery.
BUILD conducted a study on COVID Stimulus and Links to Employment, Consumption, and Investment: The Bangladesh Experience, Global Lessons, and Priorities for Next Round Support that aims toassess the effect on Bangladesh economy in the immediate aftermath of COVID-19. Key findings of the study were revealed at the webinar, held on Thursday.
Planning Minister MA Mannanjoined the webinar as the Chief Guest while CPD Distinguished Fellow Dr.mahfuzurRahman, FBCCI President JashimUddin Ahmed, MCCI President, Dr.NihadKabir, DCCI President, RezwanRahman, Chairman of Policy Exchange, Dr.MashroorReaz, CCCI President MahbubulAlam joined among others
Planning Minister said that the country’s economy has been growing gradually because of millions of small drops of investment. Referring to the recent UNCTAD report of 2021, he said, the government is always welcoming greenfield FDI in Bangladesh considering quality of investment.
Responding to the points raised by the discussants, he said the National Budget for FY 2021-22 has focused on the continued economic recovery amid the pandemic. During the welcome note, AbulKasem Khan, Chairperson, BUILD said that the initiative and leadership of our Honorable Prime Minister to combat the COVID-19 gave confidence to the economy.
MdJashimUddin Ahmed, President, FBCCI said that in the national budget of FY 2021-22, the government addressed private investment, SME, agriculture, health, education, employment, social safety net, integrated logistics system, etc. as the equipment of the economic recovery plan.
Dr. M.MasrurReaz, Chairman, Policy Exchange made the keynote presentation and highlighted that the design of the government announced stimulus packages is not adequately inclusive because of a lack of consideration of the challenges and needs of small entrepreneurs.
NihadKabir, President, Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) moderated the panel discussion and open floor session. She said while summing up the panel discussion that the informal economy does not receive the expected benefit from the announced FSP. She focused on the upgradation and modernization of the education system of Bangladesh.
Prof. Dr.MustafizurRahman, Distinguished Fellow, CPD said that employment generation should get proper focus on FSP. FDI has been reduced amid the COVID-19 at an alarming rate. He referred targeted FDI of 7th FYP was $33 billion of which only $11billion has been achieved. Rizwan Rahman, President, Dhaka Chamber of Commerce and Industry (DCCI) said that COVID-19 hits the GDP growth, employment generation, SME sector, consumers demand, retail & tourism sectors as well as other economic indicators are facing slow momentum.
Dr. Md. MasudurRahman, Chairperson of SME Foundation said the government has announced two FSP for SMEs but the disbursement process from the end of the commercial bank is not adequate.
Asif Ibrahim, Chairman, Chittagong Stock Exchange and founder chairperson of BUILD focused on taking learning from the first FSP to make the second more effective.
Jamal Uddin, General Manager, Bangladesh Bank informed that about 73% of CMSME stimulus has been disbursed benefited about one lac entrepreneurs of which about 5.58% are women entrepreneur.
BUILD CEO FerdausAra Begum told that a redesigned second round of stimulus would be helpful for the private sector and will support the CMSME in particular.
