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Apart from travel restrictions that prevented migrant workers from reaching their jobs, the novel coronavirus also disrupted logistics chains at the height of the outbreak, leading to the lackluster sales of farm produce and threatening to push many back into poverty.

Ant Financial Services Group, the company behind the popular payment app Alipay, is extending its tentacles to Bangladesh through a partnership with a local mobile financial service provider, another step toward its globalization goal of serving 2 billion users within 10 years.

Ant, which provides services from digital payment to online financing, said it aims to create the infrastructure and platform to support the digital transformation of the service industry. It also strives to "enable all consumers and small businesses to have equal access to financial and other services that are inclusive, green and sustainable".

Antoinette Schoar, an economist who teaches at the MIT Sloan School of Management, said the Fed should remain "above the fray." "Fed policy should not have anything to do with politics," said Schoar, who is also attending the Jackson Hole conference.

Anti-graft organs at all levels should improve self-supervision, he said.