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BREAKING NEWS:

Before burdening people with borrowed money govt must trim its size and exercise austerity

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12th-May-2020       
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The government will request the International Monetary Fund for quick releasing of US$700 million loan to assist the country's balance of payment. Finance Division officials said the loan would be utilised to meet the BoP, which is under pressure following economic recession due to Covid-19 pandemic. The borrowing would be made from Rapid Credit Facility, meant for the low-income countries facing an urgent balance of payments need. Presently, country's main source of income that comes from readymade garment export -- 85% of total export earnings -- is hit hard by pandemic. Export of other items is now at almost zero level. Side by side, the remittance inflow has been decreased while thousands of migrant workers are coming back home. Local revenue collection is also not in a good shape as country has been experiencing over a month-long closures for pandemic.
What's crystal clear is that present stagnant situation will affect the falsely inflated economic growth. The government has apparently no capability to run the economic activities also maintaining the state expenditure by its limited resources. Being desperate for cash, the government is now creating constant pressure on the state-owned and private commercial banks for funding its stimulus packages also knowing that banks have no money for rampant plundering.  According to newspaper reports, the government has also sought around US$2.0 billion from different donor agencies, including IMF and Asian Development Bank. Moreover, the government has asked for US $850 million from the World Bank. Besides, it has urged the Asian Infrastructure Investment Bank for US $250 million and Islamic Development Bank for US $150 million as loans.
Before burdening the people unbearably the government should trim its size and cut its expenses. Salaries and extra benefits rewarded to the men in power and government employees for loyalty to the government should be denied. Lavish life style of the government has to give up.


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