I i evident of the Bangladesh Garments Manufacturers and Exporters Association (BGMEA) Redwan Ahmed yes terdav said that the 21 -mouth long political impasse had nearly destroyed the export, oriented readymade garments' Industries of Bangladesh, reports BSS.

As of today, he said, about 1000 factories are closed and almost 500 thousand woikers have lost their means to sur vive while the existence' of several hundlvd v"'" , ■eneurs has been threatened. •

In a statement. Redwan said that the tactones had lost 170 production days due to frequent hartals and non-cooperation movement while- this Kxiuction loss culminated

o total liabilities of Tk 42.5 lakhs for an average size fac-^The port closure had inifi ated further doom adding fuel to the flame, as a result to which 90 per cent of the existing factories faced full or par Hid closure during the-last one month.

He said adding it is found from a preliminary survey done bv the BGMEA that almost ev ery alternative factoty had suffered cancellation of orders or faced air shipment at their own cost. The factory over heads (salary, rent. gas. electricity and telephone/fax bills) are unpaid for two months in most or the factories.

Due to cancellation of orders and for the delay in receiving the raw materials in

transit, about 60 per cent of the factories will remain without any production for at least two months even after the normalcy, he added

In view of the financial problems, he sought financial supports to put the garments factories on their wheels and urged io provide four months' working capital to each Individual factory at lowest possible simple interest rate re payable within 3 years and said the amount of working capital loi an average size factory should be Tk 10 lakhs per month. z

In case of demand/forced loan due to cancellation of orders, the demand loan sum, . should be converted into capital loan in (he name of the factory with a repayment period of 5 years at simple rate of interest, he suggested.

In case of air shipment, the concerned bank should pay the air freight to the carrier/agent by creating short term loan in the name of the factory at simple rate of interest. Payments of royalty to Biman and landing charges to civil aviation should be exempted for the time being. the BGMEA president demanded.

He urged for the rescheduling of the outstanding project loan with immediate effect as may be requested by individual

Interest on overdue import liabilities occasioned by the closure of the port should be exempted, he suggested.