PM: Bangladesh’s economy lost $17bn to Covid-19

Prime Minister Sheikh Hasina on Monday said the pandemic has cost Bangladesh’s national economy $17 billion since March of last year.

"According to our initial estimates, the coronavirus has caused $17 billion losses to the economy in the fiscal years 2019-2020 and 2020-2021," she said in her closing comments on the budget for the next fiscal year.

She also said the government will be able to implement the national budget for fiscal year 2021-22 based on the lives and livelihoods of the people despite the Covid-19 hurdles and thus the country will take another step ahead towards prosperity.     

 “The finance minister has placed the FY 2021-22 budget giving priority to the lives and livelihoods of the people. I believe we will be able to implement the budget and thus Bangladesh will go one step forward towards prosperity and development,” she said while taking part in the general discussion on the budget as the leader of the house in the 13th budgetary session of the 11th parliament.

The prime minister also said the budget has given priority to maintaining the socioeconomic advancement of the masses though the world economy has been stalled due to the Covid-19 pandemic.

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She also said that priority has also been given to build houses for the landless and homeless people and to distribute foods free of cost or at low price to the lower-income group people.

The premier said the main base of implementing the plan is to quicken the local and foreign investments in the country particularly in the 100 economic zones which are being set up across the country.  

She said that her government has been working to improve the atmosphere of the investment to attract more investments.

Sheikh Hasina said that the recent increase in foreign exchange earnings and revenue collection, tolerable rate of inflation and high reserve of foreign currency have indicated that the country’s overall macro economy and the development are moving successfully due to the measures taken by the government to offset the Covid-19 pandemic.     

In this connection, the prime minister said they have taken required measures in order to maintain stability in the macro economy and low inflation rate.