Bangladesh forms high-level task force to fight global financial crisis

Special Report:Global Financial Crisis

DHAKA, March 18 (Chinese media) -- Bangladesh has formed a high-powered task force to intensely monitor its economic situation and keep the country away from the fallout of on-going global financial crisis.

The formation of the 27-member task force led by Finance Minister AMA Muhith was formally announced in a government circular issued here on Wednesday.

The members of the task force including as many as four ministers, governor of the central bank, other senior government officials, leading economists, representatives of local think tanks and trade bodies.

According to the circular, the task force has been assigned to identify impacts of the global financial meltdown on Bangladesh in addition to reviewing the overall economic situation of the country.

It said the task force will make recommendations on reducing government's unnecessary expenditures and check whether there is a need to devaluate local currency against any foreign currency including U.S. dollar to help exporters remain competitive in global market.

The task force has been asked to prepare a strategic plan to gear up the activities for developing the country's agriculture sector for boosting production.

According to the circular, the government may invite other experts to join the team if requires. It said the task force would meet once in two months and if urgent it could hold more meetings.

The formation of the high-level team came after the country's apex trade body Federation of Bangladesh Chambers of Commerce and Industry demanded a 60 billion taka (about 857.1 million U.S. dollars) rescue package from the government to help local industries cope with the global financial meltdown.

Bangladesh's Commerce Minister Faruq Khan earlier said the country's economy is being hit by the global economic recession with slump in exports and remittance earning.