BB issues guideline for govt’s stimulus package


DHAKA, April 12, 2020 (BSS) – Bangladesh Bank (BB) today issued a
guideline for the stimulus package of Taka 30,000 crore announced by the
government to fight the impact of coronavirus on the country’s economy.

Earlier, the government announced a set of stimulus packages with an
allocation of Taka 72,750 crore. Among the allocation, Taka 30,000 crore will
be provided to affected industries and service sector organizations as
working capital through banks as low-interest loan.

As per the guideline, the loan will be provided for three years. As per
the current interest rate of 9 percent, the government will provide 4.50
percent as subsidy for the maximum one year.

The central bank also said loan defaulters will not get any money the
stimulus announced by the government for industries to cope up with the
impacts of the novel coronavirus pandemic.

The borrowers who have their debts rescheduled more than three times
through a special scheme for defaulters to repay will not get the bailout
funds either.

Only the firms that have faced damage due to the pandemic will get the
bailout funds, it clarified.