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Stimulus package for the banks

By The Economist
Prime minister Sheikh Hasina on announced a new stimulus package to waive Tk 2,000 crore bank interest of the people affected badly by the nationwide shutdown enforced to contain the coronavirus pandemic.

The premier made the announcement while formally publishing the SSC and other equivalent exam results through a videoconference from her official Ganabhaban residence in Dhaka. She said the government earlier suspended the payment of interest of the loans for two months which the people took from the (commercial) banks for business purpose.

After Bangladesh was hit by COVID-19, the government led by Prime minister Sheikh Hasina, started working out effective policies. She is assisted by her advisors including the Private Sector Industry and Investment Adviser Salman F Rahman.





‘Today, we’re declaring a new incentive package which is the 19th. Under the package, the borrowers need not to repay Tk 2,000 crore interest of the credits which they took from the banks for doing business,’ she said. Hasina added, ‘The government will provide the interest amounting to Tk 2,000 crore to the banks as a subsidy and it will directly benefit nearly 1.38 crore loan recipients.’

The premier said with the announcement of this new incentive package of Tk 2,000 crore, the total amount of 19 stimulus packages had stood at Tk 1,03,117 crore (equivalent to $ 12.13 billion) which is 3.7 per cent of total GDP.

Regarding relaxation of the nationwide shutdown, the prime minister said everything was closed for a long time, but a country could not run in such a way. ‘The other countries of the world have been opening everything including their economy and we’re going to adopt that policy.’

The PM and her advisors including Salman F Rahman are determined to bring positive changes to the banking sector and are hopeful to tackle the COVID-19 efficiently.
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