Dr P R Datta FCIM, FCMI and Mark T. Jones LL.M, FCILN
These are proving to be testing times for Bangladesh and indeed for the world. Who would have thought that our lives would have been disrupted in the way that they have? Sadly, the country has lost many good people, and families are not only having to cope with the loss of loved ones, in many instances there is the added strain that the deceased was the breadwinner. In addition, many thousands have lost their jobs or are fearful that work will dry up. Many hard-working citizens lack savings to weather such extraordinary times and there are legitimate fears that many families are suffering real privations and malnutrition. These are unprecedented times and require unprecedented support, especially from Central Government. We would do well to reflect on what is being done elsewhere to try and mitigate the effects of COVID-19.
Firstly, governments across the world recognise the importance of protecting frontline workers, especially hospital, clinic, and care staff. One common approach is to ensure that Central Government supplies sufficient Personal Protective Equipment (PPE), this usually comprising of face masks, visors, disposable aprons, and gloves. Staff should not be expected to have to source and buy these themselves, and national governments are best placed to secure these in vast quantities and at a favourable price. The very least the government should do is protect those staff doing incredible work saving lives. Our healthcare workers, whether they be doctors, nurses, laboratory staff or cleaners are doing heroic work at this time and deserve to be recognised for their efforts and given adequate protection. Similarly, when we think of the economic health of the nation, it is essential that all is done to minimise the fallout from the Coronavirus.
Many countries recognise that for months now people have had zero income and by staying at home are suffering very real hardship. One of the most common strategies to try and help the situation is to allow citizens a much longer period over which to submit their tax returns and in the case of mortgages and rent payments to permit “mortgage and rent holidays” which in effect means that repayments and payments are suspended for several months until economic activity resumes again. A number of countries have appreciated the gravity of the situation and have passed laws declaring it illegal to evict tenants at the current time, after all it is not a citizens fault that they are not permitted to work or seek work during the Lockdown. Governments across the world realise that they need to step in to take steps to minimalise suffering. It is clear that there will need to be fiscal stimuli packages designed to get the economy going again. As much as this will be a challenge for governments, especially if it involves dipping into reserves or borrowing, the alternative is far worse, as it would lead to be mass unemployment and a prolonged economic depression lasting years, possibly decades. Swift action taken now can help throw a lifeline to businesses and to the economy at large, something that in turn will help the country navigate its way through the current emergency.
The normal economic orthodoxy and prudence needs to be put to one side and governments and municipalities need to be proactive and support businesses and citizens as never before. Support can come in many forms and must not just be seem in terms of doles of rice. We all appreciate that this is a tough time for Bangladesh, probably the toughest time since the birth of the nation. At present there is the danger of COVID-19, there is the threat of dengue fever, and some districts have suffered from floods. No one must underestimate the challenges being faced, we are facing a war against a dreadful virus and every sinew must be strained to ensure that the disease is combatted. As well as the terrible physical cost of the disease there is the mental cost on those confined to their homes, unable to work and living in fear. Bangladesh, like every nation on earth is hurting economically, and will need to innovate as never before if it to return to pre-Covid prosperity. The reality is that we will all need to adapt to different ways of working. Already some businesses and educational institutions have started to use new technology for distance meetings and distance learning. Organisations need nimble and proactive leadership that learns from what is going on elsewhere and this can really help save lives and jobs. Now, more than ever, we need to be open to new ideas and new ways of doing things.
It is not all doom and gloom, for instance recent extensive medical trials organised by Oxford University have shown that a commonly available steroid called dexamethasone can make a real difference to survival rates of patients with COVID-19.
The Government of Bangladesh must strive to see what is being done elsewhere and learn from this and do all it can to assist its citizens right across the board. It will not be easy, in fact, it will require tremendous courage and imagination. The country’s finances will take quite a hit, but it is all for the greater good, for the sooner Bangladesh’s equilibrium is restored, the sooner the normal growth patterns will resume with the attendant tax revenue streams to follow. We would do well to remember that Bangladesh is not a poor country, in point of fact it has tremendous wealth, with by far its greatest asset being its people. The resilience and determination of the Bangladeshi people will pull the country through, but for that to happen it is essential that the Government leads by example and provides the support and financial stimulus packages that will help the country get back up to speed. We must of course beware of those who will counsel against radical action, their caution will not only cost lives, it could imperil the country’s future economic prosperity.
Bold and generous support now, whilst it comes at a price, could well save millions of jobs, and prevent the worse of a Coronavirus economic slump. We all need to pay our part, where possible we should buy local, support local industries and manufacturers, and do our best to protect and support local jobs.
This is a time of national hardship, one that will demand much of us as citizens, there are likely to be further difficulties ahead, but COVID-19 will not defeat us. If we stand united, each resolve to help one another, and have firm, decisive and generous support from the Government we will weather this storm and come through it stronger as a nation.
The Writers are Executive Chair, Centre for Business & Economic Research, UK and Editor-in-Chief – International Journal of Higher Education Management.
