Bangladesh Bank has announced a Tk 60,000 crore stimulus package aimed at reopening closed industrial units and creating new jobs, with the central bank expecting the initiative to generate employment for more than 25 lakh people.
Governor Md Mostaqur Rahman announced the package at a press conference at Bangladesh Bank headquarters on Saturday.
He said the initiative would help reopen shuttered factories, increase exports and remittance inflows, revive the rural economy and inject fresh momentum into the overall economy.
The governor said economic growth had slowed steadily over the past three years. GDP growth, which had earlier stood at 5.8 percent, later fell to 4.2 percent and could now stand at around 3.7 percent, he said.
Rahman said key sectors, including garments, textiles, steel, ceramics, information technology and manufacturing, had suffered major setbacks in recent years.
He also noted that the banking sector had come under pressure due to rising default loans, incidents of money laundering and declining depositor confidence. High interest rates, he added, had discouraged small and medium entrepreneurs from expanding their businesses.
According to the central bank, Tk 41,000 crore of the package will be provided under refinancing schemes, while the remaining Tk 19,000 crore will come from Bangladesh Bank’s own support funds.
Of the Tk 41,000 crore refinancing fund, Tk 20,000 crore has been allocated for closed industrial and service-sector units, Tk 5,000 crore for CMSMEs, Tk 10,000 crore for agriculture and rural economic activities, Tk 3,000 crore for export diversification and Tk 3,000 crore for developing northern Bangladesh as an agricultural hub.
Under the Tk 19,000 crore support fund from the central bank’s own resources, Tk 5,000 crore has been allocated for pre-shipment credit refinancing, Tk 5,000 crore for cottage, micro and small entrepreneurs, Tk 2,000 crore for leather and leather goods, and Tk 1,000 crore for employment generation among unemployed youths.
The fund also includes Tk 1,000 crore for rural economic activities, Tk 2,000 crore for frozen fish and fish exports, Tk 1,000 crore for green investment, Tk 1,000 crore for overseas employment, Tk 500 crore for startups and Tk 500 crore for the creative economy.
The governor said the Tk 500 crore allocated for the creative economy would be provided as grants from corporate social responsibility funds rather than loans.
Rahman said the full implementation of the package could create jobs for more than 25 lakh people, particularly through the reopening of industries, increased agricultural production, export expansion and renewed rural economic activity.
The central bank also expects the Tk 1,000 crore allocation for overseas employment to help create job opportunities for around one lakh people.
Loans for unemployed youths will be disbursed through Karmasangsthan Bank, while loans for rural economic activities will be channelled through Ansar-VDP Unnayan Bank. The initiative is expected to benefit a large number of Ansar and VDP members.
The governor said Bangladesh Bank would provide funds under the refinancing schemes at 4 percent interest. Banks will be allowed to keep a maximum spread of 3 percent, enabling large borrowers to access loans at 7 percent interest.
However, he said interest rates could be slightly higher for small loans due to higher management costs, particularly for smaller loans disbursed through Karmasangsthan Bank.
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