ZCZC
BSS-41
BGMEA-BANGLADESH BANK
BGMEA seeks support of BB for RMG sector to address pandemic challenges
DHAKA, June 7, 2021 (BSS) – The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has sought support of Bangladesh Bank (BB) for the RMG industry’s struggle to overcome the impacts of Covid-19 pandemic and retaining its competitiveness in the global market.
A delegation of BGMEA, led by its President Faruque Hassan, made the call during a meeting with Bangladesh Bank Governor Fazle Kabir at the central bank yesterday.
The BGMEA delegation included Senior Vice-President SM Mannan (Kochi), Vice President Md. Shahidullah Azim, Vice-President (Finance) Khandoker Rafiqul Islam, Vice-President Rakibul Alam Chowdhury and Directors, said a BGMEA press release here today.
Faruque Hassan said the RMG industry was going through a tough time due to an unprecedented crisis caused by the pandemic.
He expressed thanks to the Bangladesh Bank for coming forward with policy support for the garment industry when it fell into deep trouble following the outbreak of the pandemic — at a time when the sector needed it most.
“The pandemic is not over yet and the RMG sector is still trying hard to overcome the massive impacts,” he said.
Given the situation, the support of Bangladesh Bank in terms of simplification and relaxation of financial policies pertaining to the RMG industry would help the sector to address the challenges and turn around, he added.
Earlier, Bangladesh Bank extended loan limit of garment and textile factories from the export development fund (EDF) to US$30 million from US$25 million.
The BGMEA president urged the Bangladesh Bank to extend the time limit for the enhanced EDF by six months.
He also requested the central bank to extend the payback period of the loans under the Covid response stimulus package from two years to five years as the sector is going through a rough patch.
Faruque Hassan also urged the central bank to write off all debts, interest, and cost of fund charges for the 133 sick RMG factories, taking them into special consideration.
Deputy Governors of Bangladesh Bank Ahmed Jamal and Kazi Sayedur Rahman were also present at the meeting.
BSS/PR/RI/GM/SSS/1901 hrs