• Tuesday, May 26, 2020
  • Last Update : 01:19 am

BUILD: Create Tk50,000cr fund

  • Published at 09:28 pm March 31st, 2020

This fund will extend loans with no interest with extended installment payment with a starting grace period of 3 months

The Business Initiative Leading Development (BUILD) on Tuesday suggested for creating a National Economic Fund (NEF) of Tk50,000 crore to rescue the coronavirus-affected sectors.

The BUILD made the call in a media statement.  

The research-based platform says the fund will be designed to support liquidity for business from micro, small and medium enterprises to large firms to cater to the need to overcome the current and on-going disruption due to prevailing situation. 

This fund will extend loans with no interest with extended installment payment with a starting grace period of 3 months, it says further.

The statement also suggests to issue an emergency bond for exporters in foreign currency.

"The government’s announcement of Tk5,000 crore for meeting the salary of export-oriented industries is welcomed by all, however, it may not be enough to meet sectoral demand if the situation continues beyond our expected timelines. Furthermore, we must address the local industry that will need policy support as they are also deeply affected in light of the current economic situation", reads the statement.

It says the government should take necessary measures to reduce income tax and corporate tax rates by 5% across all sectors.

The National Board of Revenue should also consider postponing collection of taxes for two quarters. No charges of any tax delays, zero demurrage charge on import and other relief needs to be given to businesses particularly for SMEs, says the BUILD.

COVID-19’s negative impact on investments will be felt strongest in the automotive, airlines and energy industries, it alarms.

It says the sociopolitical impact of the COVID19 is not clear yet, respective countries have to have in-depth analysis on these issues. 

“For detailed analysis a pull of researchers have to be engaged immediately to understand and assess need of the country and also to understand short, medium and long term measures in order to uphold the growth momentum which has been achieved as a result of all concerned,” reads the statement.

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