Bangladesh News

Oct 18th
Home arrow News arrow Business News arrow Bailout Package May Be Worth Tk 3000 Crore
Bailout Package May Be Worth Tk 3000 Crore PDF Print E-mail
Thursday, 16 April 2009

The prime minister will roll out a 'combined financial package' for recession-hit sectors before she tours Saudi Arabia on Apr 22, the finance minister said Wednesday while the commerce minister hinted that the bailout package could be worth Tk 2500-3000 crore.

Finance minister AMA Muhith, speaking to reporters almost at the same time, was tight-lipped about the figure when pressed.

Faruq Khan, the commerce minister, told reporters after a meeting with the Ireland's integration minister that the finance minister will speak about the financial package for the export-focused sectors hit by the global financial downturn.

"But the package is being considered in the region of Tk 2500-3000. On top of that, we are expecting assistance from the developed countries [for the export sectors] since the financial meltdown stemmed from them," Faruq said.

Muhith said after a meeting with the representatives of the Association of Development Agencies Bangladesh (ADAB) at the Secretariat that new legislation would also be put in place to ensure the affected sectors get the financial support as fast as possible.

"The special package is almost at the final stages. It will be announced before Sheikh Hasina's Saudi tour," he told reporters

Asked what the package would be worth, the minister said, "That cannot be disclosed now."

A range of benefits will be included in the package for sectors being affected by the global recession, he said.

The government was extending financial assistance to several export-oriented sectors including frozen food and textile. At present, the amount of outstanding money is more than Tk 1000 crore. However, the finance ministry waived Tk 243 crore in outstanding with the exporters several weeks ago.

The new law will make sure that the exporters receive the money as soon as possible or there remains no outstanding amount, the minister added.

The poultry industry will be given special priority in 2009-10 fiscal year, he said to the reporters after a meeting with Bangladesh Poultry Industries Association.

Faruq Khan told reporters at his ministry the Trading Corporation of Bangladesh will be made more active to rein in the price of essentials on the eve of Ramadan.

Asked about the sudden price hike of edible oil, he said, "I believe the businessmen would not do that. We will tell them to keep the price reasonable. If they don't then government will take steps because we would not let people taken hostage by businessmen."

About the BDR mutiny, the minister, who coordinates the investigation committees, said, "The investigation is going on very well. We want a thorough investigation. There is no point carrying out an investigation like the one of 'Judge Mia'. Otherwise this type of incidents will increase."

Questioned if it was possible to submit investigation report within the deadline, he said, "The matter is being looked after by the home ministry. Meanwhile a draft report has been made. New information will be added to this report."


Comments Add New
Write comment
  We don't publish your mail. See privacy policy.
Please input the anti-spam code that you can read in the image.
< Prev   Next >