BGMEA seeks 1,800-1,900 crore loan from caretaker government to recover recent losses

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has sought a soft loan of Rs 1,800-1,900 crore from the caretaker government to recover its recent losses.

“We have asked the caretaker government for the soft loan only for the ready-made garment sector,” BGMEA Chairman Khandaker Rafiqul Islam told reporters after a meeting with the caretaker financial adviser to the government, Dr Salehuddin Ahmed, at the Economic Relations Department (ERD) office in Agargaon . (August 27).

He also said that production has been stopped for at least 16-17 days out of the last 45 days. Also, due to the ongoing floods, exports were stopped for four to five days.

“We requested a loan for this sector for several reasons. The amount of the favorable loan we sought is equivalent to one month’s salary of all employees of this sector. We will repay this loan with interest within a year,” he added. .

He also said: “There were other minor issues. He (the financial adviser) assured us that by working with this government we can take the country forward. He further said that their loans are now classified if any entrepreneur defaults on three installments in a row which were earlier six installments.

“We request to make six installments again. The government can return to three installments again when the situation is normal.”

Regarding the future of the sector, Khandaker Rafiqul Islam also said, “We hope that our economy will turn around and if we all cooperate, the confidence of foreign buyers will be strengthened. We believe that many more businesses will move to Bangladesh.”