BGMEA Appeals To Bangladesh Bank For Support Amidst Political Instability
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has requested urgent assistance from Bangladesh Bank to support the garment sector, which has been severely impacted by recent political instability. On August 27, 2024, BGMEA President Khandoker Rafiqul Islam and his delegation met with Dr. Ahsan H. Mansur, Governor of Bangladesh Bank, to discuss the sector’s challenges.
The BGMEA delegation, including Senior Vice President Abdullah Hil Rakib and Vice President Rakibul Alam Chowdhury, sought a loan equivalent to one month’s wages for garment workers under favourable terms. They assured the Governor that the loan would be repaid within a year.
The delegation also expressed concerns over the recent reduction in the Export Development Fund (EDF) limit, urging that it remain unchanged. They called for priority access to EDF funds through scheduled banks and addressed disruptions caused by the closure of LC operations at six banks.
BGMEA proposed extending loan repayment installments from 3 to 6, providing special protection to factories and forming a task force with the NBR and Bangladesh Bank to develop industry-friendly policies.
Governor Dr. Ahsan H. Mansur acknowledged the garment industry’s vital role in the economy and committed to considering the BGMEA’s recommendations, including arranging a soft loan and resolving EDF and LC issues.
