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Commentary

PM Hasina never fails to rise on the occasion of national crisis

Published : Thursday, 9 April, 2020 at 12:00 AM  Count : 503
Observer Special
Desperate time calls for desperate measure, but there is a precondition before the desperate measure is taken. If the desperate measure is taken based on logic, proof and ground reality, it is okay; otherwise the desperate measure leads to despair and panic.

However, we are assured and impressed by the cool, calculative and intelligent desperate measures as well as timely and pragmatic steps taken by Prime Minister Sheikh Hasina. On one hand, she has been constantly engaged with health officials and experts assessing the coronavirus pandemic in the country, while on the other, she is simultaneously occupied with addressing the long list of economic and financial challenges in the wake of coronavirus fallout. When the civil Aviation Ministry, Health Ministry, Commerce Ministry and Education Ministry failed to take timely appropriate measures to foresee and face the coronavirus following its outbreak globally the PM on her own with foresight awakened some of the concerned Ministries to get up from their slumber and indecision. She raised the alarm by her timely decisions and prompt actions.  

Similar to other countries, the PM has planned to bail out the business     and manufacturing sectors by introducing stimulus packages. The total package is now worth Tk 72, 500 crore, equivalent of approximately US$8 billion. It also includes $590 million in incentives for the RMG sector and other export-oriented sectors which the PM announced late last month.

The main aim of the financial packages is to introduce loan facilities through the banking system. The PM's robust stimulus package aims at reviving economic activities, stopping fiscal retrenchment and helping the entrepreneurs as well as exporters to maintain their competitiveness. Additionally, the stimulus includes a well chalked out programme to assist businesses of all sizes with bank loans, where the government would take responsibility to pay off half of the interest. The stimulus package is very timely and essential to assure and embolden all economic sectors.

Analysing the pros and cons of the financial packages, we believe the loans to obtain on low interest rate is sensible. First, it is easy to attain the loan based on low interest rate as a stopgap measure to tackle temporary losses, and second, it will massively aid the export oriented industry to continue operation by paying its workers. In short, the stimulus package is an effective and expedient financial scheme, a timely bailout plan for our economy.
 Since the colossal Tk 72, 500 stimulus packages is equivalent to approximately 2.52 per cent of our national GDP - there should be no scope to expect that it would come for free as a bailout donation without preconditions. Additionally, we do not expect our export oriented manufacturers and business houses to solely depend on stimulus packages in times of global and national disasters. They must equally shoulder all types of financial predicaments with the government. One cannot have every year a bonanza year for his or her business.

Unfortunately, the coronavirus pandemic and its fallout came as an unexpected blow when our economy was showing a bullish trend with steady GDP growth, economic achievements and political stability under the leadership of Prime Minister Sheikh Hasina.

Bangladesh is now travelling on the smooth track to emerge as a middle income and developed nation. Given our economic reality, what USA or developed countries in Europe can offer, we cannot and this is an important fact to reckon with. There should be no illogical and unfair comparisons made between Western and our stimulus packages.

RMG work orders worth over US$1 billion have been cancelled. The country's inflow remittance has taken a sharp nosedive. Small and medium businesses are mostly shut. All government sponsored development projects have come to a halt. The banks have begun to feel the liquidity crunch. The country is going through a lockdown to contain the spread of coronavirus.

And expecting free and unconditional stimulus packages in the midst of such national and global financial clampdown is not only illogical, but also merit no reason. On the whole, the government sponsored stimulus package has far more positive sides than its limitations. Most importantly, it comes with a long-term recovery mechanism to ensure a stable growth in the near and distant future.

Needs be reminded, the public sector is equally important as our private sector. Ranging from Defence, Human and Social services, Finance and Treasury to Transport and logistics - lives of millions are attached to this sector. The PM's stimulus packages have thus maintained a balance for the survival of both public and private sectors.
However, following PM's announcement of stimulus package we have begun witnessing a spree of unrealistic and detestable criticism regarding the government's handling of the financial crisis. It would do the nation good, if our opposition political fractions and critics can come up with better and effective financial strategies to cope with the crisis.     

Our simple and straight question: Is it possible to name one country in the world that was prepared for the coronavirus outbreak? Even the US and Europe could not visualise what may happen when the virus just hit China.
On the topic of the PM's engagement to combat the spread of the deadly virus in Bangladesh, she has been noticeably proactive since the very first day it was detected within our borders. She has been relentlessly engaged with doctors, health workers and relevant authorities throughout the country. And her hours' long video conferences with the district administration and its live telecast are a testimony to her sincere and uncompromising efforts to combat and wipe-out the Covid-19 curse from Bangladesh. Moreover, she has promised the country's doctors and healthcare staff to reward them with incentives. At the same time she blasted those doctors and hospitals who could not come up with the spirit of service to discharge their duties to provide treatment not only to Covid-19 victims but other normal patients.

Despite dearth of testing kits and medical facilities, the Prime Minister has been able to keep infection and death rates to a minimal number with her bold and realistic leadership - compared to the leaders of many other countries. Additionally, she has ensured increasing number of tests and area specific lockdowns while reiterating the law enforcement agencies and army to get tougher to implement her instructions.

An important point in this regard, despite her repeated calls made to people to stay at home, her instruction was often violated by showing utter disregard to health and safety precautions. A number of RMG factory owners even re-opened their factories during the shutdown by forcing their workers to come and work from distant regions at the cost of taking the risk to get infected and spread the incurable deadly disease. The BGMEA leadership has totally failed and its indecision not only caused untold sufferings to garment workers but it also helped the risk of the spread of the virus by violating the order of country wide government lockdown.

We did not expect such audacious and irresponsible reaction from them, and especially during the time of a contagious global pandemic. None has the right to play dangerous games with public health and well being only to make their own business interest. The Prime Minister is right to show her annoyance over the RMG owners.                 
The reality is that the spread of the pandemic is unprecedented in the history of mankind. Until a vaccine is invented and unless it is supplied in large quantities to the global masses - to strictly follow health precautions and awareness are the keys to fight it. The people of the country must realise it and refrain from compelling the PM to repeat the same instruction over and over again.

We advise our people to strictly follow the government's officially instructed health guidelines with sincerity and have full faith in the PM's leadership. Additionally, we expect our bankers, bureaucrats and financial regularity authorities to make the best use of the officially declared stimulus packages. As there is always a sinister syndicate to reap profits out of any financial crisis - listed loan defaulters and money launderers must be kept at bay. Also we do not expect the stimulus fund disbursements to be made on political and biased considerations. Only deserving candidates must get its full benefits. The PM has fore warned against any corruption, irregularities and favouritism. The entire nation will be with her if she punishes those who will violate her order and good intention to announce the stimulus package.

Last but never the least - it is not an obligatory duty of a head of government to get engaged in all technical matters - officials of the key organs of the state must execute their duties sincerely and responsibly. This sharp sense of responsibility is yet, however, missing. Simultaneously, it is never possible to come out and win over the prevailing crisis without the public's sincere and enthusiastic participation. For our political opposition parties, it is not the time to indulge in meaningless political criticism by dividing public opinion. It is time to unite and come under a single platform to combat and defeat the deadly coronavirus. By releasing her arch political rival BNP Chairperson Khaleda Zia from jail the PM has also given her message she expects responsible reciprocation from all political circles.
PM Sheikh Hasina never failed to rise on the occasion of facing challenges whether political, economic or international in her chequered career in politics and administration. She has time and again demonstrated her farsighted, firm and bold leadership as matured trouble shooter in facing any odds.

In 1998 in her first term as PM she has shown her ability to tackle the crisis and saved lives of millions when the country was under flood water for months. During 9/11 she had the courage to face the persecution against her personal leadership with courage and political acumen. During her second term she boldly faced the political turmoil and violence from 2013 to 2015 to guarantee Constitutional continuity.

In her third term in office she drew the applause of the world leaders when she took a bold but humanitarian decision to shelter more than one million Rohingyas who fled Myanmar due to persecution and genocide.   
The country is on a war-footing against a deadly invisible virus and we must appreciate and cooperate with the bold and humanitarian leadership of Prime Minister Sheikh Hasina to win this war untidily as we did during our country's War of Liberation in 1971 under the leadership of our Father of the Nation Bangabandhu Sheikh Mujibur Rahman.









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