April 12, 2021

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Global action needed to stem liquidity crisis: PM

Prime Minister Sheikh Hasina has emphasized on speedy resolution of the liquidity crisis during and after the Covid period. At the same time, he emphasized the need for integrated global action and strong leadership to reduce the debt burden.

The Prime Minister made the remarks in a video message on Monday at a virtual meeting of heads of state and government titled “Financing for Development in the Era of Cowid-19 and Beyond Initiative” on International Debt Architecture and Liquidity.

The Prime Minister said, “We need an ambitious and integrated global action plan to address the liquidity crisis and reduce the debt burden in the current situation and in the post-Covid period.”

The goal of this high-level virtual meeting is to highlight the need for more bold and coordinated action to address liquidity and debt problems. The virtual meeting follows a series of meetings in 2020 sponsored by the Financing for Development in the Era of Covid-19 and Beyond Initiative (FFDI) to work out a plan of action to help the economy recover from the epidemic.

“We need strong leadership from the G-7, G-20 and OECD member states,” she said in a video message. Increasing liquidity in the range and through allocations like new ‘Special Drawing Rights’.
The Prime Minister also suggested the need to revise the international credit structure for appropriate reforms. He said that more than a year has passed since the outbreak of Kovid-19 and the world has not yet been able to overcome the socio-economic challenges posed by Corona.

Referring to various steps taken by her government to combat COVID-19, Prime Minister Sheikh Hasina said, “In Bangladesh, we have taken concerted steps to reduce the adverse effects of the epidemic on the lives and livelihoods of our people.” By repaying the loan well, his reputation of ‘not defaulting’ has remained intact.

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