BGMEA has sought guidance of Bangladesh Bank for the RMG marketplace in its struggle to overcome the impacts of the Covid-19 pandemic and retaining its competitiveness in the international market.

A delegation of BGMEA led by its President Faruque Hassan manufactured the contact in the course of a meeting with Bangladesh Lender Governor Fazle Kabir at BB workplace on 6 June.

The BGMEA delegation involved Senior Vice President SM Mannan (Kochi), Vice President Md. Shahidullah Azim, Vice President (Finance) Khandoker Rafiqul Islam, Vice President Rakibul Alam Chowdhury and Administrators.

BGMEA President Faruque Hassan reported the RMG market was likely by a tricky time due to an unparalleled disaster triggered by the Covide pandemic.

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He expressed many thanks to the Bangladesh Lender for coming forward with policy help for the garment sector when it fell into deep problems following the outbreak of the pandemic — at a time when the sector desired it most.

The pandemic is not around nonetheless and the RMG sector is nevertheless making an attempt hard to prevail over the massive impacts, he stated.

Given the predicament, the aid of Bangladesh Lender in phrases of simplification and relaxation of fiscal procedures pertaining to the RMG business would assist the sector to handle the difficulties and change about, he included.

Before, Bangladesh Bank extended loan limit of garment and textile factories from the export enhancement fund (EDF) to $30 million from $25 million. Faruque Hassan urged the Bangladesh Bank to increase the time limit for the increased EDF by six months.

He asked for the BB to extend the payback time period of the financial loans beneath the Covid reaction stimulus package from two many years to 5 many years as the sector is heading as a result of a tough patch.

He also urged the central bank to write off all money owed, curiosity, and price of fund expenses for the 133 unwell RMG factories, taking them into special consideration.

Deputy Governors of Bangladesh Financial institution Ahmed Jamal and Kazi Sayedur Rahman had been also existing at the conference.