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Body to recommend recession remedies

Star Business Report
The government has formed a nine-member committee to make recommendations and assess the extent of losses suffered by the overall export sector including woven and knitwear due to the global financial meltdown.
A government circular yesterday asked the committee, led by former finance minister and Chairman of Credit Rating Agency of Bangladesh M Syeduzzaman, to give its report within one month.
The circular directed the committee to give its report containing review of the post-recession situation in the export sector, especially in textile (woven, knitwear and yarn).
The committee has been asked to assess the losses the sector has suffered due to recession and suggest remedies.
In line with the government directives, the committee will also determine the possible measures to be taken for the sick industries and make recommendations accordingly.
Bangladesh Bank governor or a deputy governor, Centre for Policy Dialogue Executive Director Mustafizur Rahman, Policy Research Institute Executive Director Ahsan Habib Mansur and the presidents of FBCCI, BTMA, BKMEA and BGMEA are the members of the committee.
The finance secretary has been made member-secretary of the committee.
Before the last Eid-ul Fitr, BGMEA in a press conference said they would not be able to pay salaries and allowances to the workers and employees if Tk 3,000 crore was not given to bail out the garment sector. However, the demand drew huge flak.
A meeting of the task force on recession decided last month to form a committee to review not only the situation in the garment sector but in the overall export sector.
Finance ministry officials said the committee has been formed in line with the decision.
Export growth was 11 percent last fiscal year despite recession, but from the start of the current fiscal year there have been ups and downs in the export sector.
In the first two months of the fiscal year woven export fell by 2.06 percent compared to the same months in the last fiscal year. Knitwear export went down 0.48 percent during the period.
In the budget for the current fiscal year, Tk 5,000 crore has been set aside to provide assistance to different sectors includingthose affected by the recession.