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Business leaders requested the government to amend the circular of Bangladesh Bank and correctly define the provisions on incentives
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Sheikh Fazle Fahim on Wednesday called for an easy access mechanism to bank credit so that all affected businesses get benefit of stimulus package.
“We believe the business community will particularly benefit from the package” said the chief of the apex chamber.
He made the call during a meeting with business leaders and bankers at Federation Bhaban at Motijheel in the capital. The discussion meeting was titled, ” “Roadmap to Stimulus Loan Execution Tk 20,000 crore and Tk30,000 crore”.
Former FBCCI presidents Mir Nasir Hossain, Abdul Matlub Ahmad, Kazi Akramuddin Ahamed, Shafiul Islam Mohiuddin, Chairman of Association of Bankers, Bangladesh (ABB) Ali Reza Iftekhar and managing directors of different banks attended the discussion.
Business leaders requested the government to amend the circular of Bangladesh Bank and correctly define the provisions on incentives. They sought quick disbursement of fund from the package.
Fahim said, “We also proposed that the owners of the media can get loan from the package to pay the salaries and allowances of journalists, officials and employees”.
He said the stimulus package would help mitigate the impact of coronavirus on the national economy.
“We don’t want to put pressures on banks and other stakeholders. But considering the humanitarian aspect, everyone has to be sincere, Fahim said.
The FBCCI would be involved in the process of providing loans facilities to cottage micro, small and medium enterprises, which were being affected by the coronavirus, he added.
On April 5, Prime Minister Sheikh Hasina declared a financial assistance package of Tk 20,000 crore to introduce low-interest working capital loan through the banking system with a view to retaining the capacity of cottage, micro, and small and medium enterprises (CMSMEs).
Addressing the bankers, FBCCI vice-president Md Siddiqur Rahman said, it was not a matter of doing business this year, it was a year of survival. Everyone needed to work together to get the stimulus package quickly.
Ali Reza Iftekhar said,” In this crisis moment, everyone must be served equally”.
“The banking sector has no liquidity crisis. Credit risk is a big problem. We don’t get any help from the trade association to reduce credit risk.” Iftekhar siad.
Former FBCCI vice president Md Jasim Uddin said, there were some gaps in the circulars of Bangladesh Bank regarding the package. Money should be released within short time for entrepreneurs.
(DT)
