CSE Responding to the stimulus Package announced for overall economy

Prime Minister Sheikh Hasina has declared a stimulus package On 5th of April for the overall economy through her speech to the nation. On behalf of the Chittagong Stock Exchange and its board of directors and all the stakeholders, we perceive that the announced package by the Prime Minister is exactly a timely declaration and a bold step taken by her at a time.

Under the Social Safety program reaching the low-privileged people with only 10 Taka for each Kilogram of rice is a offer to really to be appreciated and realistic and a demand of time as well, since at this moment of great calamity these poor people can not work for their food and the condition seems to lengthen.

Moreover, we think the expanding monetary policy of this stimulus package is to increase the purchasing power of common people of the country. For this purpose we have to boost up the domestic demand so that purchasing power of people increases and the economy receives acceleration.

In case of industries, for large scale industries thirty-thousand crore taka program has been declared at a rate of 4.50% and program has been declared for SMEs at 4.00%. As a result the scheduled banks are going to be advantageous; remaining 9.00% interest burden is to be shared by the Government. Thus we hope the banks have opportunity to be benefited. EDF has been raised to 5 billion from 3.5 billion which will benefit the exporters, and for pre-shipping there is a scheme of Taka 5,000 crore at a rate of 7.00% which is really a great initiative.

All over the seventy two thousand-seven hundred and fifty crore taka stimulus package is an initiative which creates lots of hope. We hope, the importance of implementing the package is being considered. Disbursement of these loans needs harmony with situation and time. To pay the wages and salary and for the working capital needs the loans must reach the industries within shorter span of time. For serving the purpose, a taskforce can be developed by the Government.

At this moment both of the stock-exchanges are closed. We hope the capital market is going to observe the benefits after starting its operations from implementation of this package. Finally we congratulate and sincerely thank the honorable Prime Minister for these timely initiatives.

sunbd/sks