MoFL recommends 15-pt rejuvenation package to revamp fisheries sector

Monira Munni The Ministry of Fisheries and Livestock has recommended a 15-point rejuvenation package in a bid to revamp the fisheries sector by raising production and export, officials said. The recommendations include a special financial package for overcoming liquidity crisis on cash credit limit. Cash support on invoice value or 25 per cent rise in the ceiling price of fish products as incentive that the government provided for three months in last fiscal could be considered, it recommended. MoFL sent the paper signed by its Secretary to Prime Minister's Office last week requesting next course of action to give a boost to the sector. The recommendations came on April 19 following a meeting of the committee headed by the economic adviser to the Prime Minister Dr Mashiur Rahman entrusted with the task of finding out a solution scrutinizing the problems faced by frozen fish exporters. Earlier in March the Prime Minister formed the committee headed by Dr. Mashiur Rahman to deal with the problems and find out ways to rejuvenate the country's third largest foreign exchange earning industry. Meanwhile, Dr. Mashiur Rahman led committee formed another committee headed by MoFL secretary including members from finance department, banking and financial institution department, the central bank, Export Promotion Bureau (EPB) and Bangladesh Frozen Food Exporters Association (BFFEA) to give its recommendations. The committee observed that the government extended the moratorium on term loan repayment to June 2012 and raised the ceiling price of fish products up to 25 per cent for providing incentive as an interim adjustment for the export from April to June in last fiscal year. The government provided a total of Tk 33.0 billion (Tk 3300 crore) financial support during last 10 years to the frozen fish export sector, the committee noted. The recommendations include a sub-committee headed by the MoFL joint secretary and members from exporters, hatchery, cultivators and feed millers associations and aquaculture alliance and Department of Fisheries to raise production.