Govt disburses Tk 34.24b stimulus package to offset recession effects
Thursday, 3 September 2009
Sheikh Shahariar Zaman
The government has disbursed the whole amount of Tk 34.24 billion stimulus package declared to help ward off immediate effects of the ongoing global recession
Finance Minister AMA Muhith on April 19 announced the interim package of fiscal and policy supports for the country's agriculture, power and export sectors to offset the losses incurred due to the recession.
"The additional allocation of Tk 34.24 billion has been disbursed to the respected stakeholders under the fiscal support part of the package for the April-June period of the FY 2008-09," said a finance ministry official.
The government will announce Tk 50 billion stimulus package to help the ailing sectors after the national taskforce on the global meltdown fallout will have its meeting to fix the priority areas, he said.
The total expenditure consisted of Tk 25.5 billion for subsidy, Tk 5.0 billion for recapitalisation and Tk 3.74 billion for social safety net programme.
In the package the rates of export subsidy were raised for three sectors, namely, jute, leather and frozen food and the government allocated an additional amount of Tk 4.50 billion for the export subsidy, the official said.
The rate of cash subsidy on jute and jute goods was fixed at 10 per cent from existing 7.5 per cent while the same has been raised to 17.5 per cent for leather and leather goods and 12.5 per cent for frozen foods from the existing rates of 15 per cent and 10 per cent respectively.
The finance ministry disbursed Tk 15 billion to agriculture ministry to provide fertiliser subsidy and Tk 6.0 billion for power subsidy, he said.
A sum of Tk 5.0 billion was spent in addition to the existing allocation of Tk 10 billion for re-financing facilities for the state-owned lenders, he added.
"The initial recapitalisation allocation was Tk 10 billion and it was increased by Tk 5.0 billion to boost investment in the country's rural development, agriculture, energy and industries through Krishi Bank, RAKUB, Karmosangstahn Bank," he said.
The government also enhanced its allocation by Tk 3.74 billion to Tk 45.69 billion for expanding its social safety-net schemes, the official said.
The government has disbursed the whole amount of Tk 34.24 billion stimulus package declared to help ward off immediate effects of the ongoing global recession
Finance Minister AMA Muhith on April 19 announced the interim package of fiscal and policy supports for the country's agriculture, power and export sectors to offset the losses incurred due to the recession.
"The additional allocation of Tk 34.24 billion has been disbursed to the respected stakeholders under the fiscal support part of the package for the April-June period of the FY 2008-09," said a finance ministry official.
The government will announce Tk 50 billion stimulus package to help the ailing sectors after the national taskforce on the global meltdown fallout will have its meeting to fix the priority areas, he said.
The total expenditure consisted of Tk 25.5 billion for subsidy, Tk 5.0 billion for recapitalisation and Tk 3.74 billion for social safety net programme.
In the package the rates of export subsidy were raised for three sectors, namely, jute, leather and frozen food and the government allocated an additional amount of Tk 4.50 billion for the export subsidy, the official said.
The rate of cash subsidy on jute and jute goods was fixed at 10 per cent from existing 7.5 per cent while the same has been raised to 17.5 per cent for leather and leather goods and 12.5 per cent for frozen foods from the existing rates of 15 per cent and 10 per cent respectively.
The finance ministry disbursed Tk 15 billion to agriculture ministry to provide fertiliser subsidy and Tk 6.0 billion for power subsidy, he said.
A sum of Tk 5.0 billion was spent in addition to the existing allocation of Tk 10 billion for re-financing facilities for the state-owned lenders, he added.
"The initial recapitalisation allocation was Tk 10 billion and it was increased by Tk 5.0 billion to boost investment in the country's rural development, agriculture, energy and industries through Krishi Bank, RAKUB, Karmosangstahn Bank," he said.
The government also enhanced its allocation by Tk 3.74 billion to Tk 45.69 billion for expanding its social safety-net schemes, the official said.