Even after this payment, the government has to sanction another Tk1,047 crore to fulfill the credit demands placed by the banks so far only for April
The Bangladesh Bank has disbursed Tk3,047 crore till Monday to 47 banks' accounts for April payment of workers of 2,044 export-oriented factories from stimulus fund.
The central bank released Tk2,000 crore last week, when credit demand of 38 banks was Tk2,566 crore, as it had received just that amount from the government in this regard.
Even after the payment, the government has to sanction another Tk1,047 crore to fulfill the credit demands placed by the banks so far only for April.
After the payment of Tk3,047 crore in April, another Tk1,953 crore will be left for the remaining two months, May and June.
Replying to a question on how the remaining two months' wages would be paid with the remaining amount of the fund, Bangladesh Bank Executive Director and Spokesman Md Serajul Islam told The Business Standard, "The government would consider the situation and decide accordingly based on the demand as the fund was formed for three months.'
Prime Minister Sheikh Hasina in her nationwide address on March 25, just before the general holiday began, announced the package of Tk5,000 crore for paying wages of export-oriented factories' workers. The Bangladesh Bank disbursed the fund to the banks free of cost but banks are taking two percent service charge for managing the fund.
The industries were asked to submit applications to their respective banks within May 2 to avail the benefits of the government's stimulus package but a number of them mostly located in the special economic zones made delays, Bangladesh Bank officials said.
Around 26 lakh mobile financial services (MFS) accounts have been created since April 4 for garment workers to pay wages directly in their accounts.
As per the guidelines, factories availing the loans under the package will have to pay back the sum within two years. Otherwise, they will be considered as defaulters.
The repayment tenure of the interest-free loan includes a grace period of six months from July to December this year.