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Bangladesh announces stimulus for Covid-19-hit garment sectors

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Dhaka: Bangladesh government has announced a 50 billion taka (U.S. $590 million) incentive package for the country’s garment and other export-oriented sectors to help them cope with the coronavirus pandemic.

Bangladesh’s garment industry, which employs millions of workers, and other industries have been hit hard due to the shutdown in the wake of Covid-19 outbreak.

European and American buyers have cancelled orders from Bangladeshi garment factories that were valued at $2.5 billion.

The government’s stimulus plan was aimed at offsetting financial loss of the garment industries, the mainstay of the Bangladesh’s economy.

The finance ministry on Wednesday released some guidelines for the use of the fund. The Bangladesh Bank, the central bank of the country, will issue a circular in this regards to all banks on Thursday.

As per the guidelines the money can be used only to pay salaries of the employees.

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