BB calls applications for Tk 5,000cr stimulus package

News Desk
Bangladesh Bank (BB) has called applications from all the scheduled banks for receiving low cost fund from Taka 5,000 crore stimulus package for the export-oriented industries announced earlier by Prime Minister Sheikh Hasina to help those overcoming the impact of the global coronavirus pandemic.“Head office or principal office of the scheduled banks will submit the application through a prescribe form at Accounts and Budgeting Department of the Bangladesh Bank for receiving loan from the stimulus package,” according to a Bangladesh Bank (BB) circular issued on Thursday night.
According to the circular, the central bank will provide the loans without interest as per the demand of banks, but banks can take 2 percent one-time service charge for bearing their administrative cost.
Export-oriented industries, which export minimum 80 per cent of its total production, will be eligible for the government-announced financial stimulus fund.
The owners or management of those industries could take loan from that fund and thus could disburse the salaries of their employees and workers for the three months (April, May and June of this year).
The borrowers will get a six-month grace period, meaning that they will start paying back the borrowed money in installments to the government from the seventh month of receiving the money. The loan amount will be repaid in two years by 18 installments.
If anyone will not pay the loan installment in time, the loan will become classified as per the conventional rules and 2 percent interest will have to pay on the outstanding installments.
Earlier on March 25 at her address before the nation, Prime Minister Sheikh Hasina announced a stimulus package of Taka 5,000 crore for export-oriented industries to fight the impact of coronavirus on the country’s economy.
The premier then also said the money from the package could only be disbursed in the form of salaries and wages for employees and workers of the industries.