RMG workers start receiving salaries from stimulus package
Workers of the ready-made garment (RMG) sector has started to get salaries as banks are disbursing loans for paying wages of April from the government’s stimulus package of Taka 5,000 crore. As per the application of the different export-oriented industries, bankshave started to disburse soft loans under the stimulus package a few days ago. Talking to BSS, Bangladesh Bank (BB) Chief Spokesperson M Serajul Islam said the central bank has already released fund to the respective banks as per their demand for giving wages of April.
“In the first phase, the central bank has released Taka 2,000 crore to banks. The government has announced the package to give salaries for April, May and June. As per the demand of banks, we have already released the fund,” he added. Bangladesh Garment Manufacturers Association (BGMEA) Senior Vice President Faisal Samad said workers of the some factories have already received their wages for April through their mobile financial service (MFS) accounts and rest of the workers will get their wages soon.
“BGMEA has given certificates to its around 1650 members to apply for the loan. The wages of the workers are being given through their MFS accounts. So far, around 30 lakh workers have opened MFS accounts,” he added. Managing Director of the Southeast Bank Limited (SEBL) M Kamal Hossain said as per the application of the RMG owners, SEBL needs around Taka 450 crore to give wages for the three months to the RMG workers. “BB has already released around Taka 170 crore for April in favour of SEBL. We have been disbursing the fund for the last few days” he added.
He hoped that the wages for April to be disbursed by Sunday. Deputy Managing Director of the Islami Bank Bangladesh Limited (IBBL) Abu Reza Md Yeahia said for receiving the soft loan, export-oriented industries have to complete several procedures. “We are disbursing the fund as per the preparation of the applicants,” he added. Head of the Premier Bank Limited Dilkusha Branch Abdul Baten Chowdhury said the central bank has already released Taka 100 crore in favour of the Premier Bank. “Several clients have already completed all preparations. We will start to disburse the fund from Sunday,” he added.
Earlier, the government announced a stimulus package of Taka 5,000 crore for export-oriented industries to fight the impact of coronavirus on the country’s economy. The owners or management of those industries could take loan from that fund and thus could disburse the salaries of their employees and workers for the three months (April, May and June of this year). According to the circular, the central bank will provide the loans without interest as per the demand of banks, but banks can take 2 percent one-time service charge for bearing their administrative cost.
Export-oriented industries, which export minimum 80 per cent of its total production, will be eligible for the government-announced financial stimulus fund. If anyone will not pay the loan installment in time, the loan will become classified as per the conventional rules and 2 percent interest will have to pay on the outstanding installments.