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months, the chamber said.

Collection of advanced income tax and VAT should be stopped now. The loan classification periodshould be extended up to December 30 this year from June 30.

Bank interest rate and accrual should be stopped during this crisis.

Liquidity in the banking system should be maintained so that all types of entrepreneurs can avail interest free loans from banks and non-banking financial institutions, the MCCI said.

Especially, the garment sector can avail such loans for paying salaries to workers at least for three months.

The MCCI added it was in favour of allowing temporary shutting down of industries if needed. But they have to ensure payment of their employees.

It also suggested supplying subsidised food to workers. For instance, weekly food has to be given to 1,50,000 tea workers and 4,50,000 family members of the tea workers.

Bangladesh Bank can pump money into the scheduled banks to disburse loans at 6 and 9 percent interest rate as soon as possible.

The MCCI also recommended that the repo rate of BB should be slashed to 4 percent from the existing 6 percent.

Moreover, BB can take different steps to help the industrial units during this crisis. For instance, the central bank can grant low interest rate loan to the affected industrial units or zero interest rate loan to the extremely affected units.

The central bank can publish a circular granting a moratorium on loan repayment by the affected companies.

The government will have to increase allocation in the upcoming budget for the public and private hospitals so that they can purchase the required medical equipment and coronavirus test kits.

The food safety measures should be strengthened for the marginalised people. The government should also take stern actions against the hoarding of food items during the time, the MCCI said.

Unnecessary spending should be reduced, it said.

The government should act promptly to release the fund from the foreign aid.

The chamber also recommended that the government increase allowance and the number of beneficiaries in the social safety net programmes.

The MCCI prepared the proposals in consultation with 11 other organisations.

The statement, jointly signed by Nihad Kabir, president of the MCCI, and Kamran T Rahman, president of the Bangladesh Employers’ Federation, said the government should take stern measures to enforce the home quarantine to slow down the spread of the deadly virus.

Meanwhile, Dhaka Chamber of Commerce and Industry (DCCI) yesterday made the similar type of suggestions to the government for facing the coronavirus challenges.

In a statement, it called upon the government to create an emergency fund for micro, small, and medium enterprises (MSMEs) for their survival amid the coronavirus outbreak.

Many MSMEs are struggling to maintain business operations and pay salaries to their employees, it said.

The DCCI also came with a suggestion of creating a three-year emergency fund by the government so that the MSMEs can take loans from the fund with 1 percent interest rate to pay salaries to their workers.

Factories located in the BSCIC industrial areas across the country also need to be brought under this emergency fund for paying salaries and labour wages. MSMEs should get one-year grace period for repaying the loan.