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Govt to announce second stimulus package
Apr '10
To help exporters overcome the problems caused by continues energy crisis and global recession; the government formed a taskforce, to implement a second Tk 1,000 crore stimulus package.

The peak-hour electricity charge for garment exporters will also be waived off. During peak hours, 5 to 11 pm, charges were double that of non-peak hours.

After a meeting with the garment exporters, Finance Minister, Abdul Muhith, indicated the existence of certain misunderstandings, amongst exporters, about the implementation of the second package.

“However, we still had a good discussion and formed a taskforce to sort ways to implement the package”, said Muhith. The task force has been asked to submit their report within two weeks.

Representative from both Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) met the finance minister.

During the July-January period of the current fiscal, knitwear sector witnessed a decline in export growth of 13 percent and woven garment experienced 16 percent.

Clearing the confusion with respect to the package, the minister assured that all the exporters will receive incentives from the package.

As opposed to their earlier decision, wherein exporters with turnover above $3.5 million annually, were not eligible for government incentives, now over 1,500 garment exporters will qualify for cash incentives.

The Minister's assurance, that he will discuss the issue with the apex bank governor, about bank's reluctance to reschedule loan, brought a sigh of relief for the exporters.

Fibre2Fashion News Desk - India

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