The Bangladesh government is set to roll out a massive rescue package for the low-income group, businesses and industries, all of whom are bearing the brunt of the near-collapse economic activities brought on by the coronavirus pandemic.

The prime minister would outline what steps the government would be taking during her address to the nation, Finance Minister AHM Mustafa Kamal told The Daily Star yesterday.

The affected businesses would be compensated; but the modalities are yet to be worked out, Kamal said.

Loans would carry no interest during this difficult time. Besides, the repayment period for the loans would be extended.

The government would pay the salaries and wages if factories are shut down because of the coronavirus.

"The finance ministry has already started working on these issues," Kamal said.

The development comes after the top-brass of the finance ministry met with Prime Minister Sheikh Hasina on Saturday.

As part of the efforts to alleviate the economic pains confronting the lower income groups, including day-labourers, rickshaw-pullers and street vendors, the government plans to sell rice at Tk 5 per kg through the OMS across the country, down from Tk 30 a kg at present.

The government has a stock of 17.51 lakh tonnes of rice and wheat in its storage facilities as of March 3, according to the food ministry website. Of the quantity, rice accounts for 14.29 lakh tonnes and wheat 3.22 lakh tonnes.

The food storage situation is at a satisfactory level and there is enough stock of food grains compared to monthly supply and distribution plans. There is no possibility of a food shortage now, said the ministry.

The government also plans to sell some other essential items at discounted prices, said a finance ministry official.

The allowance under the social safety net programmes would be enhanced. The increase has not been determined yet. Jobs would be generated for the people so that they can survive at the critical hour.

Many people are already out of jobs in major cities, particularly Dhaka, as educational institutions have already been shut down to slow the spread of the virus. Banks and non-bank financial institutions have put in place alternate duty roster for their staff.

All government and private offices will be closed from March 26 to April 4 to prevent the spread of coronavirus, Cabinet Secretary Khandker Anwarul Islam told reporters yesterday.

Government offices except those involved in emergency services such as law enforcement and hospitals have been declared shut.

The move comes as the coronavirus, which originated in China three months ago and has since ravaged many economies, is spreading in the country fast.

Yesterday, the government confirmed third death linked to the virus.

The official death toll from coronavirus in the country is now three and the number of total infected stands at 33, according to the Institute of Epidemiology, Disease Control and Research (IEDCR).

The coronavirus pandemic could trigger a global economic crisis, destroying up to 25 million jobs around the world if governments do not act fast to shield workers from the impact, said the International Labour Organization (ILO) in a report recently.

Regardless of size, all firms are facing serious complications from the coronavirus fallout such as immense decline in revenue, insolvencies and job cuts, said Tuomo Poutiainen, country director of the ILO Bangladesh.

"Sustaining their day-to-day operations will be particularly difficult for small and medium enterprises," he said, in a statement to The Daily Star. The economic pain for the low-income groups and those working in the informal sector would exacerbate further if the situation worsens.

Bangladesh is looking to avail $750 million in budgetary support from the International Monetary Fund (IMF), which has made available about $50 billion through its rapid-disbursing emergency financing facilities for low-income and emerging market countries that could potentially seek support.

The amount would account for 50 per cent of the quota Bangladesh is entitled to.