Due to the Corona Virus outbreak in the country Prime Minister Sheikh Hasina has announced a financial support of Tk 73 thousand crore in a total of 5 packages including four new ones to deal with possible economic losses.
He announced this financial support package from a press conference at Ganabhaban on Sunday (April 5) morning.
Financial assistance packages, coverage of social security programs, government budgeting and increasing currency supply are the four activities in the country due to the outbreak of coronavirus. The Prime Minister announced the action plan for the possible economic impact and transition, the financial support of the action plan will be given in the cover of the package.
The financial support packages announced by the Prime Minister are given below:
package -1: Deio and-caring capital facilities for the affected industrial and service sector institutions, a loan facility of 30 thousand crore rupees will be provided to the company with low interest and banking capital through bank system. Based on bank-clusive relationships, commercial banks will give loans from their own funds to the respective industrial/businesses of commercial banks.
The interest rate of this loan facility will be 9 percent.After half of the loan interest i.e. 4.50 percent of the borrower industry/businesses will pay and the remaining 4.50 percent will be given to the concerned bank as subsidy.
package -2: Providing the and caring capital facilities of small (including cottage industries) and medium industries: A loan facility of 20 thousand crore rupees will be developed on the basis of low interest and banking capital through the banking system. On the basis of bank-cluscent relations, commercial banks will give loans from their own funds to the related small and medium industries. The loan will give loans from the respective funds and the loan will give the loan amount of 9 percent of the debt.
package -3: Export Development Fund (EDF) introduced by Bangladesh Bank Benefits: In order to increase the import of raw materials imported by Block to Block LC, the current size of EDF will be increased from 3.5 billion USD to 5 billion dollars. As a result, an additional 12 thousand 750 crore rupees equivalent to 1.5 billion dollars will be added to the EDF fund. EDF's current interest rate will be determined from LIBOR+ 1.5 percent (which is actually 2.73 percent).
package 4: Bangladesh Bank will launch a new loan facility of Rs 5,000 crore in the name of Pre-Shipment Credit Refinance Scheme, and the interest rate of this loan facility will be 7 percent.
package 5: Earlier, the Prime Minister announced an emergency incentive package of Tk 5,000 crore to pay the salaries/alls of the workers of the export-oriented industries. The financial support will be 72,750 crores in a total of 5 packages including 4 new ones which will be 2.52 percent of the GDP.
Prime Minister Sheikh Hasina announced these packages to keep the country's economy strong in the coronavirus pandemic in the world in the form of an epidemic in the world.‘
I urged everyone to increase the production and use of indigenous products and increase the production and consumption of indigenous products. ‘We have to pay special attention to the export sector as well as the export sector to overcome this possible global and domestic economic crisis. In this regard, I am calling on everyone to increase the production and use of domestic products.’
Commenting that the people of Bangladesh are able to turn around and fight against all the odds, Sheikh Hasina said, ‘The people of Bangladesh have an amazing tolerant power and ability to endure the challenge and the ability to move around quickly. In 1971, the nation that brought freedom to the father of the nation Bangabandhu Sheikh Mujibur Rahman in just 9 months - that nation cannot be demanded anything.’