Voluntary fund, softer loans among OIC countries sought to struggle COVID-19
Bangladesh features said the OIC Member States need a regional and global response based on unity, solidarity and compassion to overcome the issues of this pandemic.
"Intensified global and regional cooperation is necessary not merely to contain, mitigate and defeat the pandemic but also to overcome the financial hurdles kept by this crisis," said Foreign Minister Dr AK Abdul Momen.
The Foreign Minister made the remarks while delivering his statement at a videoconference of the OIC Executive Committee at the level of Foreign Ministers on the results of COVID-19) pandemic and joint response on Wednesday, reports UNB.
Taking note of the vulnerability of migrant employees around the world, particularly in the Middle East and different OIC Member Says, Dr Momen urged the customers to provide utmost importance to the problem of job retention of household and resident migrant workers, especially Muslim migrant personnel, so that abrupt shock of unemployment can be cushioned off and the sociable balance could be preserved.
He said a good voluntary "COVID-19 Response and Recovery Fund" could be created by the willing OIC member countries, in addition to the efforts set up by the Islamic Development Lender (IsDB) and Islamic Solidary Fund (ISF).
Later on, Dr Momen stated, long-term assistance will be had a need to revive the monetary devastation caused by COVID 19.
"In this regard, We thank the IsDB for currently installation of US$ 2.3 billion financing for Strategic Preparedness and Response Programme for COVID-19 pandemic. We anticipation, IsDB allows softer conditions for such loans, especially for LDCs," Dr Momen explained.
He said more developed Member Says of the OIC might aid the LDCs and other developing OIC member claims by supplying medical apparatus and supplies found in treating the COVID-19 patients.
Dr Momen said regular distribution of foodstuff and essential commodities between the most vulnerable organizations, irrespective of their residency position, are very important now to protect lives.
"If the lockdown situation prolongs, starvation is imminent in lots of of the OIC Member States, including amidst the migrant personnel who are under risk of losing their careers and salaries," he explained.
Dr Momen said charity and philanthropic organisations found in OIC Member States could be encouraged to extend assistances found in countries and communities found in need.
He said IsDB can actively consider deferral and cancellation of mortgage loan payments of the OIC borrowing countries especially from the LDCs.
Dr Momen said a good voluntary "COVID-19 Response and Recovery Fund" could be created by the willing OIC Member Countries, in addition to the efforts set up by the IsDB and ISF.
He said suitable assignments could be submitted, particularly by LDCs found in collaboration with charities/foundations, to get the help of the special bank account created beneath the ISF to greatly help the vulnerable teams, including migrant workers - if they're not covered beneath the back-up programmes of the sponsor governments.
Prince Faisal bin Farhan Al-Saud, Foreign Minister of Saudi Arabia, chaired the videoconference.
Dr Momen thanked Turkey when planning on taking the initiative because of this Executive Committee Meeting.
He said Primary Minister Sheikh Hasina has already announced the major ever financial and social safety assistance package found in Bangladesh’s history covering our industrial workers, agriculture sector and also frontlines key workers including doctors, nurses, medical researchers, police and field-level people who are risking their lives to deal with the coronavirus pandemic.
"This is not limited to maintaining our very own macroeconomic stability - but also that the global source chain will not break down."
Today's members of the OIC Executive Committee at the amount of Foreign Ministers are:
Turkey (immediate past summit couch), Saudi Arabia (present summit seat and host region), The Gambia (subsequent summit chair), Bangladesh (immediate past CFM seat), UAE (present CFM seat) and Niger (subsequent CFM chair)
