FE REPORT
Sugar refiners have called upon the government not to classify overdue loans and advances of the country's commerce and industry sectors for a period of six months more up to June 2022 to help such sectors recover from the Covid-19 pandemic shock.
Bangladesh Sugar Refiners Association (BSRA) made the plea in a letter to the commerce ministry.
The letter said commerce and industries of the country have yet to recover from the economic destructions caused by Covid-19, and that is why the two sectors need policy support from the government as well as the central bank.
The government has managed to overcome the Covid-19 situation successfully but the economic situation has not yet been fully normal, it mentioned.
"The manufacturing sectors, especially textile and garments, and sugar refinery, including supply chain and logistics, have been showing positive indications but to get back full strength they need further a period of six to nine months from now," read the BSRA letter.
Currently, new orders are coming to Bangladesh. But it will take at least six months' time to get back the proceeds in the banking channel. For this reason, the country's commerce and industry sectors need further six to nine months for starting to give payment to the financing banks concerned.
BSRA has requested the commerce ministry to take necessary steps not to classify the overdue loans and advances for a further period up to June 30, 2022.
It has also taken measures to save the country's industries and banking sector from any unwanted situation.
"We have received a letter from the country's sugar refiners association on bank financing issue," a high official of the ministry told the FE.
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