Interviews
'Stimulus package by month-end' – Mr Muhith, Finance Minister
16 Mar '09
1 min read
The Finance Minister, Mr Muhith had a word of cheer for the beleaguered textile and garment industry in Bangladesh. After a meeting with the representatives of the Bangladesh Jute Association (BJA), Mr Muhith announced that the government will offer a 'recession package', which includes cash subsidies and bank credit to the exporting companies.
The Minister said that each of the export sectors like garment, jute and leather had requested for moratoriums on loan re-payments, lower interest rates, interest waiver, etc, but it was not possible to entertain each and every request of the sectors, since the banks also had a responsibility to keep their account books clean.
However, he said he would speak to the banks and try to extend as much possible help to the exporters from all the sectors who have been deeply impacted by the economic turmoil and since a lot of business depended on the well being of their clients, the banks would extend all the help that was feasible to the exporting community.
The Minister said that each of the export sectors like garment, jute and leather had requested for moratoriums on loan re-payments, lower interest rates, interest waiver, etc, but it was not possible to entertain each and every request of the sectors, since the banks also had a responsibility to keep their account books clean.
However, he said he would speak to the banks and try to extend as much possible help to the exporters from all the sectors who have been deeply impacted by the economic turmoil and since a lot of business depended on the well being of their clients, the banks would extend all the help that was feasible to the exporting community.
Fibre2fashion News Desk - India
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