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Deadline expires today

$200m JSAC set to be cancelled

By Inam Ahmed and Shehab Ahmed
The 200 million dollars balance of the Jute Sector Adjustment Credit (JSAC) is set to be cancelled as the deadline for meeting the conditionalities in this regard expires today without any progress.
The conditions for availing the 50 million dollars second tranche of the 250 million dollars JSAC — privatising at least one jute mill along with transfer of nine others to private hands by today — in all probabilities will remain unfulfilled.
There will be no extension of the project if the government does not fulfil) the conditions by tomorrow," said a WB official last night, "But we are committed to supporting the government's privatisation programme and helping the Privatisation Board through technical support "
"The government has now to think hard what to do about its ailing jute sector that is bleeding Ine exchequer. If the government. in consultation with all parties concerned including
the private sector, opposition political parties and the trade unions come forward with an alternative plan, we will see what can be done." the official added.
The WB is already preparing a 'technical strategy note' to help the government reach a decision about the once prosperous but now limping jute mills in its inventory.
But the main issue for the government to think is what it will do with the banks, burdened with defaulting loans of these jute mills. It had already written off some loans which had to be set off from the JSAC amount.
The government, till yesterday. did not officially communicate its position on the programme to the WB.
The 250 million dollars JSAC was launched in 1994 for restructuring the ailing jute sector and the WB released the first tranche of 50 million dollar earlier.
The government had to sell off at least four already closed jute mills along with privatisation of nine mills as per the original conditions.
Accordingly, the BNP government had initiated privatising Hafiz Textile Mills, but political considerations kept the process hanging for one and-a-nalf years.
Later, the AL government took initiative to off-load the mill and finally sold it to a private party. But legal tangles regarding demarcation of the area of the mill left its transfer in a limbo.
The progress so far on the conditionalities is: one closed mill. Purbachal. sold and letter of intent for sale of Monowara Jute Mills given. A court injunction at the last moment prevented retender of Bawa Jute Mills and Mymensingh Jute Mills.
However, Jute Ministry sources said the injunction on Mymensingh Jute Mills was cleared yesterday.
But none of the nine mills has been privatised so far.