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Sick RMG units differ with govt decision on loan, interest payment, Bangladesh

April 1, 2010


Bangladesh Garment Manufacturers and Exporters Association (BGMEA) yesterday differed with the government announcement about the payment of loan and interest by the sick apparel industries.

The finance ministry in a circular on Monday directed 270 owners of sick garment factories to pay the loan at one go within one year to get interest waiver facility.

"But, it's not possible to pay back the loan within the time set by the finance ministry as all the 270 factories have been shut since 2005," said a statement issued by the BGMEA.

The leading apparel trade body demanded payment of 100 percent interest from stimulus package, allowing payment of Tk 2 lakh for Tk 2 crore loan and Tk 3 lakh for Tk 3 crore-Tk 5 crore loan within a five-year period, the statement said.

The BGMEA also asked for rescheduling facility for 10 years in case of loans of Tk 5 crore and above with a down payment of Tk 5 lakh.

Source: STAR

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