Garment workers’ salary disbursement from stimulus package starts from today
Workers of the export-oriented industries may take a sigh of relief as banks will be disbursing their wages from today from the government's stimulus package of Tk 5,000 crore.
A great number of companies hit hard by the coronavirus pandemic have put on 38 banks for the soft loans. The Daily Star spoke with at least 11 of the banks, which are actually taking preparations to disburse the wage to the workers.
The BB has released Tk 2,000 crore to the respective banks soon after it got the loans applications, said its spokesperson Md Serajul Islam. The 38 lenders had claimed Tk 2,566.19 crore from the stimulus package.
"The rest of the claimed funds will get out in the quickest possible time after getting approval from the finance ministry," he added.
To find the fund, the industries had to submit the application for the loan with their respective banks within May 2.
The owners of the export-oriented industries, which are permitted to enjoy the loans, must repay the fund within two years after a six-month of grace period starting from July. Or else they'll be considered as defaulters, according to a BB notice.
The interest-free loan will carry a 2 per cent service charge.
The BB is depositing the funds with the banks in three phases from April to June. And lenders, subsequently, will deposit the funds to the lender or mobile financial service (MFS) accounts of the personnel in a way that the factory owners cannot misuse the funds.
Since April 6, the MFS providers have already been scrambling to open as many accounts as they can for implementation of the stimulus package. Up to now, about 30 lakh workers have opened MFS accounts.
The federal government should widen the quantity of the stimulus package as the amount of loan applications and the claimed fund is too much, said another managing director of a bank wishing never to be named.
The existing package won't fulfil the industries' demand for the next 8 weeks - May and June.
Besides, banks should release the funds cautiously as the number of workers in a few industries has increased suddenly last month.
There were some difficulties in paying the wages smoothly as the BB has asked lenders never to give any funds to those which may have temporarily or fully shuttered their plants, said Syed Mahbubur Rahman, managing director of Mutual Trust Bank.
"It is difficult to recognize those," he added.
Both the central bank and the finance ministry took prompt measures to implement the stimulus package, putting a positive effect on the country's economy, said M Kamal Hossain, managing director of Southeast Bank.
