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Bailout package 'very soon'

Commerce minister assures BGMEA

Star Business Report
The commerce minister expects the announcement of government bailout package shortly for the sectors affected by the ongoing global recession.
"We will announce such package within the next few days as the taskforce on recession is working rapidly," Faruk Khan told a BGMEA delegation at his office yesterday. Abdus Salam Murshedy, the associ ation president, led the team.
The maiden meeting of the 27-member taskforce ended March 24 without any specific announcement of such bailout.
The minister, however, did not spell out the nature of this planwhether it is cash incentives or subsidiesdespite a pressure from journalists and readymade garment (RMG) exporters.
During the meeting with the new leadership of Bangladesh Garment Manufacturers and Exporters Association, Khan made an early warning for the RMG sector, as it has started feeling the pinch of global financial firestorm.
The minister also said the government is now working on formulating a four-yearly (2009-13) import-export policy.
As per demand raised by the sectoral trade body leaders, the minister said he would request the central bank for bringing about changes in the rules of Credit Information Bureau (CIB) so that garment makers and exporters are awarded has-slcs-free loans.
Stressing exploration of new export destinations, Khan assured the BGMEA that the officials concerned has been directed to issue visas to the South African buyers without any queries as this country is an emerging market for Bangladesh's
garments.
The BGMEA’s 31-point demand, placed before the minister, includes easy loans for RMG exporters, rescheduling of the bank loans, up to 10 percent cash incentives on total export value, subsidy in diesel to run power generators and rehabilitation of the 270 sick garment industries.
"It will be impossible on these industries' part to restart their operations, if the government does not come forward to help those,’’ Murshedy pointed out.
Meanwhile, the USTR-sponsored hearing on RMG compliance rules, which is due on April 24 in the USA, will have representation from BGMEA, commerce ministry and trade unions, the meeting was also told.
"I hope we will not face any trouble in USTR hearing as almost all of our factories are following the compliance rules," the BGMEA chief said.