Bangladesh’s Prime Minister Sheikh Hasina announced on Wednesday, a stimulus package of Taka 5,000 crore for export-oriented industries to help out the country’s economy amidst the Coronavirus pandemic.
The grant would be used for paying salaries and other allowances of their workers.
In her nationwide address, she acknowledged “I’m declaring a stimulus package of Tk 5,000 crore for export-oriented industries which could only be used for paying salaries and allowances of their workers and employees.”
It was also noted that the Bangladesh Bank has already taken some business-friendly initiatives. No client will be declared loan defaulter by the bank until June this year, as announced by the Central Bank.
Also, the deadline of collecting income from export has been extended to 6 months from the existing 2 months.
Correspondingly, period of meeting up import expenditure has also been extended to 6 months from the previously fixed 4 months. The limit of monetary transaction through mobile banking has also been increased.
Payment of electricity, water and gas bills has been extended till June without any fines or extra charges applicable.
This move is a boon for Bangladesh’s garment industry while it has been facing tough times!
Dr. Rubana Huq, President, BGMEA articulated cordial gestures on behalf of the entire industrial sector including export-oriented industries, to the Prime Minister for announcing the Tk 5,000 crore stimulus package for the export-oriented industries.