High-powered body to monitor impact of financial crisis

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A high-powered technical committee has been formed to closely monitor the impact on the country's economy from the fallout of the current global financial crisis and take instant remedial measures, reports UNB.
"The committee has been formed to save Bangladesh from the global recession," Finance Adviser Dr Mirza Azizul Islam told reporters Sunday after a meeting at Planning Ministry that formed the committee.
Chaired by the adviser, the meeting was attended, among others, by Bangladesh Bank Governor Dr Salehuddin Ahmed, NBR Chairman Abdul Mazid, Finance Secretary Dr Mohammed Tareque and senior officials concerned.
The finance secretary will head the eight-member committee to review the emerging situation fortnightly through trend analysis of economic indicators, including exports, imports, terms of trade, capital market movements and implementation of Annual Development Programme (ADP).
The other members of the committee are the National Board of Revenue (NBR) chairman, Bangladesh Bank deputy governor, Securities and Exchange Commission (SEC) member, Controller of Insurance Companies, vice chairman of the Export Promotion Bureau (EPB), additional secretary of the Economic Relations Division (ERD) and one representative from the Implementation Monitoring and Evaluation Division (IMED).
"The committee will take instant corrective measures, if necessary," said the finance adviser.
He, however, does not see any immediate threat due to the global financial crisis that entered into recession, as the country's banking and financial sectors as well as the capital market are not integrated with the international financial markets. "But it could affect the economy in the long term."
He said it is unlikely that the remittance inflow would be affected severely as the oil price still remains at the same previous level in the Middle East. "Even if it is affected in the Middle East, we've nothing to worry about as Bangladesh is getting new markets like Libya to export manpower," he added.