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Govt to bail-out RMG sector
Sep '09
In order to provide supportive measures to bailout country's Ready Made Garments (RMG) sector from recessionary effects, the government will form a committee within this month, said Finance Minister, Mr. AMA Muhith.

Considering short and long term support for the sector, prospective committee will submit its report by the next month, informed the Minister while talking to the media professionals after the second meeting of taskforce on recession impact.

The committee, which will include seven members, will submit its report to the Finance Minister, said a Finance Ministry official.

To protect the garment sector of the country, a stimulus package will be soon be announced by the government, informed Mr. Faruk Khan, Commerce Minister, who also briefed media persons after the meeting.

Finance Ministry put up a proposal to set up a separate fund for garment factories impacted by the crisis, in the meeting. The government and the RMG exporters each will provide Tk 2 billion to the fund.

The overall financial situation of the domestic and international markets was also discussed by the taskforce committee. Finance Minister emphasized on improving gas and power situation, infrastructure, ADP implementation and administrative skills.

Fibre2fashion News Desk - India

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