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Bangladesh’s rebound from Covid quicker than regional peers: IMF

bluesky

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Bangladesh’s rebound from Covid quicker than regional peers: IMF

Published: December 19, 2021 11:59:55 | Updated: December 19, 2021 12:01:49
A woman works in a garment factory, as factories reopened after the government has eased the restrictions amid concerns over coronavirus disease (Covid-19) outbreak in Dhaka, Bangladesh, May 3, 2020 – Reuters/Files
A woman works in a garment factory, as factories reopened after the government has eased the restrictions amid concerns over coronavirus disease (Covid-19) outbreak in Dhaka, Bangladesh, May 3, 2020 – Reuters/Files


Bangladesh’s economy has rebounded from the Covid-19 pandemic ‘much quicker’ than other nations in the region due to the measures taken by the authorities, according to a staff team from the International Monetary Fund, or IMF, bdnews24.com reports.
Led by Rahul Anand, assistant to the director at the IMF Institute for Capacity Development, the IMF team visited Dhaka from Dec 5-19 before releasing a statement on its view of the economic situation in the country on Sunday.

“Despite being hit by multiple waves of the Covid-19 pandemic, quick and decisive actions by the authorities, supported by the external environment, led to a much quicker rebound than Bangladesh’s regional peers,” the team wrote in a statement.

As the pandemic’s impact recedes, growth is expected to pick up to 6.6 percent in the current fiscal year and rise to 7.1 percent in FY23 as more of the population is vaccinated, it said.
However, the statement also warned that the uncertainty of this outlook remains high.

The team also noted concerns about inflation, which is projected to exceed targets due to non-food price inflation and the hike in fuel price.

“With the economy rebounding, the central bank should closely monitor inflationary pressures and stand ready to normalise,” it said.
According to the IMF’s projections, Bangladesh’s fiscal deficit will increase to 6.1 percent of GDP in FY22 due to pandemic-related spending. The current account deficit will also widen due to the import of capital goods, raw materials and commodities.

Despite this, public debt is expected to remain sustainable in the long-term. It is necessary to support recovery from the pandemic while addressing Bangladesh’s current vulnerabilities, the statement said.

“Subsequently, priorities should shift to creating greater fiscal space, reducing fiscal risks, preserving the stability of the financial system, and modernising policy frameworks.”

The key to maintaining its competitiveness in the wake of the pandemic is to implement structural policies that focus on accelerating growth, attracting private investment and enhancing productivity, while building critical climate resilience, it said.

These include decisive reforms to support private sector-led growth, improved governance, and diversification of exports. Other recommendations from the team included the removal of caps on lending and borrowing rates, which ‘should be phased out to strengthen market-based pricing, improve credit allocation and monetary transmission’.

It also encouraged greater exchange rate flexibility while safeguarding foreign exchange reserves to help buffer external shocks. Covid-19 related financial policies must also be phased out in an ‘orderly’ way to reduce the exacerbation of the sector’s vulnerabilities, the statement said.
“Absent reforms, financial sector risks could be a drag on medium-term growth prospects.”

The IMF team called Bangladesh’s economic growth and social development since independence ‘impressive’. However, to reach upper-middle income status by 2031 requires the country to build on this success while addressing its structural problems and modernising its policy, it said.
The IMF extended its support to help Bangladesh achieve this goal.

“The IMF stands ready to support the government’s reform efforts through policy advice and capacity building, including on monetary and fiscal policies, financial sector supervision and regulation, and macroeconomic statistics.”
 

Bilal9

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Im surprised we didn't got infected and died like the indians! We are very densely populated...

It all depends on education and discipline. And not believing in quack theories like banging pots/pans and dunking yourself in Gobar will drive away Covid. We still have our share of idiots though...
 

bluesky

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Im surprised we didn't got infected and died like the indians! We are very densely populated...
One of my friends in Japan was infected with covid. His wife also. He thought it wiser to strengthen his body by eating four eggs a day and his wife two to three eggs. This could have recharged his immune system, and finally, both were recovered.

Our people do not depend upon vegetables all through their lives and eat protein-rich foods whenever they can afford them. This may have made a difference between BD people and Indians. We may have grown a stronger immune system compared to Indians through many centuries of better food habits.
 

Destranator

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Im surprised we didn't got infected and died like the indians! We are very densely populated...
Bangladesh hardly keeps track of cases. People mostly get tested only when they have severe symptoms.
Contact tracing is non-existent. People often avoid getting tested to save employment.
Fake covid negative certificates can be bought.
Relatives try to mask Covid deaths as natural to avoid troubles with burial.
Actual case and death numbers are probably 5-10 times higher.
This a country where the population count has been stuck at 160 million for 10 years - this count itself was questioned back then.


Govt must deal with, dish out accurate Covid death figure
Published: 00:00, Aug 27,2021


AN INFORMED, effective national Covid mitigation plan may still be far away in the absence of an accurate picture of the situation that is caused by inadequacy in information collection by health managers. The tally of the daily Covid death that the Directorate General of Health Services prepares does not include, as New Age reported on Thursday, the death figure that many private hospitals officially designated for Covid treatment feed every day. Many of such hospitals resenting having not been named in the daily situation report started treating Covid patients as early as June 2020, three months after the first cases of Covid infection were detected in Bangladesh in early May that year. The health services directorate general report has so far not included information on Covid death provided by at least 30 per cent of private hospitals in Dhaka and about 70 per cent of private hospitals in Chattogram although all such hospitals work under the national Covid surveillance initiative. While this potentially suggests that the health managers may not have included even figures of infection provided by such private hospitals that run Covid tests, figures of cases and death in hospitals outside Dhaka and Chattogram may not have also been included.
An additional director general of health services seeks to say that the hospitals left out have never provided the government with such figures despite repeated requests while noting that this may have resulted in the under-reporting of Covid death. Private hospitals, however, oppose the proposition saying that by working under the national Covid surveillance system, they cannot afford to ignore the demand of the health authorities. Working under the system means every private hospital has two focal people that the directorate general has trained to report the daily Covid situation in the hospitals to the health authorities. The August 24 daily report, for an example, has named 29 private hospitals in Dhaka although the national Covid dashboard says that there are 41 such hospitals. The report has named six private hospitals in Chattogram although at least 23 private hospitals in Chattogram are engaged in Covid treatment while the dashboard says there are 12 such hospitals. Private hospitals, therefore, believe that the daily Covid death figure that the government dishes out may be far lower than the actual figure as information fed by many private hospitals remains largely unaccounted for. The under-reporting of Covid death, and perhaps also Covid cases, is dubious if this is deliberate and is problematic if it is accidental. Either of the propositions being true may have a far-reaching, debilitating impact on the national Covid mitigation efforts. This also harms efforts to make people aware of the danger of Covid-19.
The health authorities appear to have failed to understand that they need to inform people of the Covid situation on the ground to make them aware in a meaningful way and deal with accurate information if they want to make their efforts meaningful. The government must, therefore, look into this immediately, take action against people responsible if this is deliberate and set issues aright if this is accidental, which only points to under-preparedness of a sort of the government in its fight against Covid-19.
 
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Abu Shaleh Rumi

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Bangladesh hardly keeps track of cases. People mostly get tested only when they have severe symptoms.
Contact tracing is non-existent. People often avoid getting tested to save employment.
Fake covid negative certificates can be bought.
Relatives try to mask Covid deaths as natural to avoid troubles with burial.
Actual case and death numbers are probably 5-10 times higher.
This a country where the population count has been stuck at 160 million for 10 years - this count itself was questioned back then.


Govt must deal with, dish out accurate Covid death figure
Published: 00:00, Aug 27,2021


AN INFORMED, effective national Covid mitigation plan may still be far away in the absence of an accurate picture of the situation that is caused by inadequacy in information collection by health managers. The tally of the daily Covid death that the Directorate General of Health Services prepares does not include, as New Age reported on Thursday, the death figure that many private hospitals officially designated for Covid treatment feed every day. Many of such hospitals resenting having not been named in the daily situation report started treating Covid patients as early as June 2020, three months after the first cases of Covid infection were detected in Bangladesh in early May that year. The health services directorate general report has so far not included information on Covid death provided by at least 30 per cent of private hospitals in Dhaka and about 70 per cent of private hospitals in Chattogram although all such hospitals work under the national Covid surveillance initiative. While this potentially suggests that the health managers may not have included even figures of infection provided by such private hospitals that run Covid tests, figures of cases and death in hospitals outside Dhaka and Chattogram may not have also been included.
An additional director general of health services seeks to say that the hospitals left out have never provided the government with such figures despite repeated requests while noting that this may have resulted in the under-reporting of Covid death. Private hospitals, however, oppose the proposition saying that by working under the national Covid surveillance system, they cannot afford to ignore the demand of the health authorities. Working under the system means every private hospital has two focal people that the directorate general has trained to report the daily Covid situation in the hospitals to the health authorities. The August 24 daily report, for an example, has named 29 private hospitals in Dhaka although the national Covid dashboard says that there are 41 such hospitals. The report has named six private hospitals in Chattogram although at least 23 private hospitals in Chattogram are engaged in Covid treatment while the dashboard says there are 12 such hospitals. Private hospitals, therefore, believe that the daily Covid death figure that the government dishes out may be far lower than the actual figure as information fed by many private hospitals remains largely unaccounted for. The under-reporting of Covid death, and perhaps also Covid cases, is dubious if this is deliberate and is problematic if it is accidental. Either of the propositions being true may have a far-reaching, debilitating impact on the national Covid mitigation efforts. This also harms efforts to make people aware of the danger of Covid-19.
The health authorities appear to have failed to understand that they need to inform people of the Covid situation on the ground to make them aware in a meaningful way and deal with accurate information if they want to make their efforts meaningful. The government must, therefore, look into this immediately, take action against people responsible if this is deliberate and set issues aright if this is accidental, which only points to under-preparedness of a sort of the government in its fight against Covid-19.
I know about these. But our death toll wasn't high like india! We didn't have to do mass grave thing...
 

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