DHAKA
Bangladesh Prime Minister Sheikh Hasina has announced an economic package of Tk 72750 crore to provide stimulus to the economy reeling under the impact of Corona virus. Earlier, the government had announced a package of Tk 5000 crore for paying salaries and wages of workers in the export oriented industries which has now been topped up with an additional Tk 67,500 crore incentive.
The package was announced on Sunday in a nationwide televised address by Prime Minister Sheikh Hasina. In her address Sheikh Hasina said that she hoped that with the new package economy will be able to achieve its desired growth rate.
The package consists of four programmes including increased public expenditure, stimulus package for industry, widening of social safety net and increasing money supply in the economy.
The major share of the package is intended for the industries and service sector affected by the Corona outbreak in the world. It will get Tk 30,000 crore as working capital on concessional interest rate from banks. Prime Minister announced that the Small and Medium Enterprises (SMEs) will get Tk. 20,000 crore as working capital on reduced interest rate of 4 percent against the current rate of 9 percent.
The government will bear the difference between the commercial and the concessional rate of interest being given out in the package.
The Export Development Fund (EDF) will get an additional Tk 12,750 crore at a lower interest rate.
Announcing the measures to enhance social safety for the weaker sections of society, PM Hasina said government will distribute free food, sell rice at Tk 10 per kg, provide cash among economically disadvantaged communities among many other steps.