The BEA also said any sort of local or private initiative in facing the disaster should be encouraged, according to a press statement issued on Monday.

Requesting the government to immediately stand by the flood-hit people with relief materials including food, pure drinking water and essential medicines, the BEI said the current economic crisis is deepening further due to the flood.

The statement signed by BEA President Dr Kholiquzzaman Ahmad and General Secretary Abul Barakat said high inflation, inadequate food stocks at government warehouses and soaring prices of imported food items are making lives of common people miserable.

Criticising donor agencies for their continuous pressure to hike prices of oil, electricity and fertiliser even during this natural calamity, BEA urged the government to formulate and implement homegrown disaster management and development policies.

Unfavourable conditions set by the International Monetary Fund (IMF) and the World Bank are the major reasons behind the current crisis Bangladesh's economy, the BEA release added.