ZCZC
BSS-29
STIMULUS-GUIDELINE
Finance Ministry reveals guideline for Tk 5,000cr stimulus package
DHAKA, April 1, 2020 (BSS) – The Ministry of Finance has revealed the
guideline for disbursement of the Taka 5,000 crore stimulus package for the
export-oriented industries announced earlier by Prime Minister Sheikh Hasina
to help those overcoming the impact of the global coronavirus pandemic.
Officials at the Finance Ministry said that the affected industries can
avail funds from the package at 2 percent interest to pay their workers’
salaries for up to three months. The salaries must be paid to either a bank
or mobile financial service account.
They said those industries which usually exports at least 80 percent of
their overall production would be able to avail this fund. The owners or
management of those industries could take loan from that fund and thus could
disburse the salaries of their employees and workers for the three months
(April, May and June of this year).
The Bangladesh Bank has already been asked to frame a detailed policy in
this regard. The Ministry of Finance will form a Taka 5,000 crore bond
against the central bank while the central bank will then form a Taka 5,000
crore refinancing fund from which the affected exporters would be able to
take loans through the banks.
The officials said owners and management of the export-oriented
companies or factories would have to provide salary sheets and workers’ list
and their mobile banking accounts to banks so that salaries for this month
(April) can be directly disbursed.
The banks, afterwards, will forward the same documents to Bangladesh
Bank for reimbursement.
The borrowers will get a six-month grace period, meaning that they will
start paying back the borrowed money in installments to the government from
the seventh month of receiving the money. The loan amount is likely to be
repaid in two years.
Earlier on March 25 at her address before the nation, Prime Minister
Sheikh Hasina announced a stimulus package of Taka 5,000 crore for export-
oriented industries to fight the impact of coronavirus on the country’s
economy.
The premier then also said the money from the package could only be
disbursed in the form of salaries and wages for employees and workers of the
industries.
BSS/ASG/GM/FI/1842 hrs