PM Hasina announces Tk 5,000 crore stimulus package for industries

[Black_cats]

PM announces Tk 5,000 crore stimulus package for industries

https://www.bssnews.net/?p=367191


DHAKA, March 25, 2020 (BSS) – Prime Minister Sheikh Hasina today announced a stimulus package of Taka 5,000 crore for export-oriented industries to fight the impact of coronavirus on the country’s economy.

“I’m declaring a stimulus package of Tk 5,000 crore for export-oriented industries which could only be used for paying salaries and allowances of their workers and employees,” she said in her nationwide address on the eve of the Independence and National Day 2020 this evening.

The premier pointed out that the Bangladesh Bank has already taken some business-friendly initiatives in the country. “The central bank has announced not to declare any client loan defaulter by till June this year,” she said.

Sheikh Hasina said the deadline of collecting income from export has been extended to six months from two months. “Similarly, timeframe of meeting up import expenditure has also been extended to six months from four months,” she said.

The prime minister said the limit of monetary transaction through mobile banking has also been increased.

“Time limit of paying electricity, water and gas bills has been extended till June without surcharges or fines, while payment of installments of NGO loans has been suspended temporarily,” she said.

Meanwhile, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Dr Rubana Haque expressed heartfelt gratitude to the prime minister for declaring the Tk 5,000 crore stimulus package for the export-oriented industries.

In a video message, Dr Rubana said the readymade garment (RMG) industries are going through a tough time, and lakhs of their workers are facing risk (of losing job) due to the outbreak of novel coronavirus across the globe, including Bangladesh.

“But honourable Prime Minister Sheikh Hasina’s timely announcement of Tk 5,000 crore package for paying salaries and allowances of the workers and employees of the industries will save their lives,” she said.

“For this, our entire industrial sector, including export-oriented industries, express heartfelt gratitude to the prime minister,” the BGMEA president added.

 

[UKBengali]

@Bilal9

As predicted BD government will never allow mass starvation in BD.

@JafarQureshi - See BD is doing what rich economies are doing and paying the wages of those that have lost their jobs or at risk of doing so. This is 600 million US dollars and can be increased later if required.

 

[Crixus]

How much is 5000 crore taka in USD ?

 

[UKBengali]

How much is 5000 crore taka in USD ?

Around 600 million US dollars and can pay the salaries of those that would have to be laid off for many months.

More money will be handed out in later months if this crisis drags on. BD government has massive fiscal headroom to give out billions of dollars in worker salaries if required.

 

[Crixus]

600 million is huge amount , hopefully BD industry and employess will recover from this , best of luck guys

Around 600 million US dollars and can pay the salaries of those that would have to be laid off for many months.

More money will be handed out in later months if this crisis drags on. BD government has massive fiscal headroom to give out billions of dollars in worker salaries if required.

 

[UKBengali]

600 million is huge amount , hopefully BD industry and employess will recover from this

BD government will NEVER allow mass starvation in the country ever again.

These people have done nothing wrong to be at risk of starving if they lose their jobs and so the government has sensibly decided to pay their salaries for their employers to keep them on.

 

[Crixus]

Do you think any country deserves this situation ...Chinese have literally ruined poor people and poor countries .

BD government will NEVER allow mass starvation in the country ever again.

These people have done nothing wrong to be at risk of starving if they lose their jobs and so the government has sensibly decided to pay their salaries for their employers to keep them on.

 

[mb444]

Years of hard work has enabled this. GOB will as every country has done will relax fiscal discipline.

BD rmg will bounce back along with the world after this calamity passes.

 

[UKBengali]

Do you think any country deserves this situation ...Chinese have literally ruined poor people and poor countries .

I think the Chinese will need to answer some tough questions after this pandemic is over.
This is not the time though in my opinion to be asking them.

 

[Bilal9]

I think the Chinese will need to answer some tough questions after this pandemic is over.
This is not the time though in my opinion to be asking them.

More than tough questions, they need to bear the responsibility for this financial calamity. Regardless of the verbal jousting going on right now between Xi and Trump - we have all seen videos of evidence in China of 'live' exotic animal consumption. Not saying everyone does this in China, but there are definite connections between this and the CoVid-19 virus which jumped from exotic animals (bats) to humans.

No point in trying to shirk responsibility on this - Chinese govt. needs to ban these practices.

To be fair they are doing their part in helping out EU and Italy especially. However - and more to the point, they are in a position to help our economy and I for one certainly hope that we can mutually cooperate with China to build our economy in the future Insha-Allah.

We cannot improve our economy without Chinese involvement and FDI (or Japanese/Korean involvement either for that matter).

 

[VikingRaider]

As predicted BD government will never allow mass starvation in BD.

Yes agree. But honestly some people of Bangladesh really want our folks starve because of coronavirus or any other disaster.

Because it will be politically beneficial for a specific group. Some are naive though but most of them prefer political party over Bangladesh herself.

 

[bd_4_ever]

An excellent news! This clearly accentuates the financial muscle we now have to feed our people for months inspite the economy coming to a halt.

Also, this $600 million is actually minimal and for only wages and other payments. Don't forget that we have $40+ billion as reserves. If needed, we can always take $2-3 billion out of it and continue the funding in the crisis. No problem whatsoever.

Well done to the government. Credit where it is due. This is the result of a long term planning and hard work on the economy.

 

[Michael Corleone]

BD government will NEVER allow mass starvation in the country ever again.

These people have done nothing wrong to be at risk of starving if they lose their jobs and so the government has sensibly decided to pay their salaries for their employers to keep them on.

She brought tears to my eyes. Thank god. Starvation, hopefully never again to people of bd :,)

I think the Chinese will need to answer some tough questions after this pandemic is over.
This is not the time though in my opinion to be asking them.

I think they ought to pay reparation for damages they’ve done

 

[Arthur]

Keep in mind this is just the gov. money, most of it will go to companies that don't have any mean to pay workers in this kind of situation.

Big 15 Group of companies of BD can pay their workers upto 6 months without taking a penny from gov.

 

[UKBengali]

I think they ought to pay reparation for damages they’ve done

That would depend on if the virus is proven to have originated from China(highly likely), but more importantly whether there was a cover-up that delayed the chance to contain the virus within China.

If the above 2 are true then things will be really really bad for China. Virtually the whole world will be united in total condemnation of China for one of the most irresponsible acts by any nation in modern human history.

Being fair on the Chinese, at least they are going all out to help the most affected countries by sending experts and equipment, and also donating medical supplies all over the world. This may be PR to deflect criticism from them but vital help to the world nonetheless as only they have the medical expertise and production capacity to make the vital difference in the fight against the current pandemic.