• Thursday, Jul 29, 2021
  • Last Update : 12:39 pm

BB releases initial Tk2,000cr from govt stimulus package

  • Published at 12:14 pm May 3rd, 2020
File photo of the main entrance of Bangladesh Bank in Motijheel, Dhaka Mehedi Hasan/Dhaka Tribune

'38 banks applied for Tk2,566.19 crore from package'

Bangladesh Bank has initially released Tk2,000 crore to banks from the government's Tk100,000 crore stimulus package on Monday.

“We have already released Tk2,000 crore from the stimulus package after getting loans applications from the respective banks. However, 38 banks applied for Tk2,566.19 crore from the package,” said BB Executive Director Md Serajul Islam, also the central bank’s spokesperson, told Dhaka Tribune on Sunday.

He also added that the central bank has applied to the Finance Ministry to get the rest of the money.

Earlier, export-oriented businesses were asked to submit loan application to their respective banks within May 2 to avail the benefits of the government’s stimulus package.

As per a central bank circular, banks have also been allowed to disburse the fund for the payment of wages of the respective businesses from Sunday.

“The Tk5,000 crore fund would be disbursed as wages to workers and employees equally for three months from April to June,” according to BB guidelines.

As per the guidelines, companies availing the loans under the package will have to pay back the sum within two years, or else they will be considered as defaulters.

The interest-free loan, which will be used to pay wages to the employees of the industrial units, will carry 2% service charge and has a repayment period of two years, including a grace period for six months from July to December this year.

Prime Minister Sheikh Hasina announced a stimulus package Tk100,000 crore stimulus package to fight the upcoming economic crisis brought on by the coronavirus pandemic on April 16. 

“The virus has caused a negative impact on the world economy and the United Nation and some other international organization have forecasted a severe economic crisis worldwide. To overcome the crisis a basic stimulus package of Tk96,000 crore has been declared, which in total will stand up to Tk100,000 crore,” she said. 

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