PM agrees to extend another 6-month moratorium for RMG stimulus

Prime Minister Sheikh Hasina has expressed her consent to extend moratorium facility for six more months for the loans that readymade garment factory owners received under stimulus packages.

The premier came up with the consent at a meeting with a 3-member delegation of RMG factory owners on Tuesday afternoon.

Faruque Hossain, panel leader of Sammilita Parishad, confirmed the matter, saying a formal notification will be issued soon.    

Tipu Munshi, commerce minister and also president of Sammilita Prishad, led the delegation, while the other members are – Shafiul Islam Mohiuddin, former president of BGMEA and SA Mannan Kochi, its incumbent vice-president.

Under the stimulus packages, the government has disbursed a total of TK10,500 crore as loan to the apparel exporters. It allocated Tk 5000 crore for workers' three months' wages with 2% service charge and another TK 30,000 crore with 4% interest for working capital. 

The repayment of the loan was scheduled to commence on 25 January. But due to adverse situation, the apparel exporters failed to repay the installement. 

SA Mannan Kochi told The Business Standard that the apparel exporters have no capacity to repay the loans, but the banks are forcing to repay the installments in due time.

"That is why we demanded that the loan moratorium be extended further," he added.