Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged Bangladesh Bank to support the RMG sector struggling to overcome the impacts of COVID-19 and retaining competitiveness in global market. Faruque Hasan, President, BGMEA thanked the Bangladesh Bank for coming forward with policy support for the garment industry when fell into deep trouble following the pandemic.

The bank’s support in simplification and relaxation of financial policies pertaining to the RMG industry would help the sector to address the challenges and turn around, he says. Earlier, Bangladesh Bank had extended the loan limit of garment and textile factories from the export development fund (EDF) to $30 million from $25 million. Hassan urged the bank to extend the time limit for the enhanced EDF by six months.

He requested BB to extend the payback period of the loans under the COVID response stimulus package from two years to five years as the sector is going through a rough patch. He also urged the central bank to write off all debts, interest, and cost of fund charges for the 133 sick RMG factories, taking them into special consideration.