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RMG exporters demand subsidy in bank interest rates

05
Jun '09
Ready-made garment exporters are clamouring for a subsidy on bank interest rates rather than providing cash incentives as has been done in the case of other sectors. This issue has been raised after the finance minister promised to declare a new stimulus package for apparel exporters since the sector was bypassed in the first stimulus package.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) in a meeting with the Bangladesh Bank Governor Dr Atiur Rahman suggested and proposed a subsidy on bank interest rate to be included in the upcoming budget.

The garment exporters allege of over invoicing in the case of cash subsidies which can lead to mismanagement of funds and suggest that a 5 percent subsidy on bank interest rate would benefit the sector as it will be very effective though exporters with low loan exposures may not benefit as much from this scheme.

Fibre2fashion News Desk - India


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