More Policy Support Than 'Bailout', Says Muhith
Saturday, 18 April 2009

Finance minister AMA Muhith has said the government will provide more immediate policy support than cash bailout as part of a package to help exporters face the impact of global recession.

"Our resources are very limited. We have to face the crisis with these limitations," said the minister in an interview with on Saturday.

"That is why the package to be announced tomorrow (Sunday) will place greater importance on policy support of different kinds."

Muhith is set to announce part of the much-anticipated recession package at the finance ministry on Sunday at 11.30 am.

The finance minister had earlier termed the measures to be announced as an 'interim policy support package'.

The "full package" for recession-hit export sectors will not be ready until the 2009-10 budget, to be placed before parliament by the first half of June, he said on Thursday.

"The main financial package will be disbursed through the budget," he said.

Commerce minister Faruq Khan the same day had hinted that the budget 'bailout' could total Tk 3,000 crore, but Muhith has remained tight-lipped to date on the size of any proposed financial package.

He did say his government's 'interim support' already included a number of immediate initiatives to combat the negative impacts of the global economic downturn.

Muhith told on Saturday: "Everyone must take into consideration the limited resource of the government. It will not do to demand 'this or that'."

"It has to be kept in mind by all what sources the government can draw from," he stressed.

"We will make all out efforts to face the recession," he said.

"In the meantime some initiatives have already been taken."

"I hope we will be able to face the situation by providing every kind of policy support, including from the banking sector," said the minister.

The commerce minister, the prime minister's finance adviser Moshiur Rahman, Bangladesh Bank governor Salehuddin Ahmed, finance secretary Muhammad Tareq, commerce secretary Feroz Ahmed, NBR acting chairman Nasiruddin Chowdhury, ERD secretary Mosharraf Hossain Bhuiyan are expected to present as Muhith announces his 'policy package' on Sunday.


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