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Repay loans to claim interest waiver - Ministry
Apr '10
Recently, a circular was issued by the Finance Ministry to 270 sick apparel industries to the effect that if these industries wish to claim the facility of interest waiver then they must repay their outstanding loans at one go within a year's time.

A statement from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) states that the trade body fails to agree with the government directions, as according to it, the time allotted by the Finance Ministry to the sick industries for repaying the loan amount is not sufficient and that is because, all the 270 units have shut down since 2005.

The statement rather claims that the total interest amount should be shelled out from stimulus package, allowing down payment of Tk 2 lakh against loan of Tk 2 crore and Tk 3 lakh for Tk 3 crore - Tk 5 crore loan and also that a time period of five years should be allowed for the purpose.

Also the leading apparel trade body demanded that, in respect of the loans of Tk 5 crore and higher amount the rescheduling facility should be deferred for 10 years with a payment of Tk 5 lakh, as down payment.

Fibre2fashion News Desk - India

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