Stimulus offers nothing to garment sector BGMEA demands review
Staff Correspondent

Bangladesh Garment Manufacturers and Exporters Association has demanded immediate review of the stimulus package that announced Sunday keeping garment sector out of the bailout.
The BGMEA leaders at an urgent press conference on Sunday also expressed their grave frustration on the stimulus package as they observed that it failed to identify the priority.
‘The package has frustrated industry utterly as it has no supports or bailouts for the garment industry, which has been facing stiff competition in recession-hit global market,’ said Association president Abdus Salam Murshedy.
Murshedy urged the government to save the major export sector with strength of the devalued currencies or diversified incentives.
He reiterated the demands of Tk 10 plus special exchange rate on 30 per cent retentions of the garment manufacturers export proceeds.
BGMEA demanded a bailout package with rescheduling of 3 and 5 years term loans to 7 and 10 years term loans, lowering interest rate from 15 per cent to 7 per cent, withdrawing VAT from readymade garment sector, subsidising diesel for RMG, like the farm sector and cash pay-off to stay competitive.
The stimulus package offered nothing to this sector when it allocated Tk 450 crore to Jute and jute goods, leather and leather goods and frozen foods. The amount is additional to Tk 1,050 crore that had already been allocated for these sectors in the present budget.