Tk 1.85b cash subsidy released
Thursday, 11 June 2009
FE Report
The government recently released Tk 1.85 billion cash subsidy for disbursement among the industries of nine export sectors that were affected by the global economic recession.
Finance ministry has released the amount from the allocation of Tk 12.50 billion cash incentives for the current year. Readymade garments (RMG), frozen food products, leather goods, agricultural products (vegetable/ fruits), agro processing industries, tobacco and other products are among the major export earning sector that are entitled to the cash subsidy.
Of the Tk 1.85 billion, the RMG exporters will receive the highest amount worth Tk 1.13 billion while frozen foods Tk 351 million and leather Tk 224 million.
"We have already released the major part of the cash incentives. Rest of the amount worth Tk 1.52 billion might be disbursed soon," a finance ministry official said.
The government has introduced the cash incentives for the leading export earners to help them stay competitive in the international market, he said.
According to available statistics of export promotion bureau (EPB), export of major two export earning sectors---RMG and frozen foods---have fallen short of target in the first ten months of the current fiscal.
The country earned $12.82 billion in the first ten months of the current fiscal against its target of $13.10 billion.
Exporters' feared a record deficit in export target of $16.3 billion due to steep slide in demands of RMG products in the international market.
The government recently released Tk 1.85 billion cash subsidy for disbursement among the industries of nine export sectors that were affected by the global economic recession.
Finance ministry has released the amount from the allocation of Tk 12.50 billion cash incentives for the current year. Readymade garments (RMG), frozen food products, leather goods, agricultural products (vegetable/ fruits), agro processing industries, tobacco and other products are among the major export earning sector that are entitled to the cash subsidy.
Of the Tk 1.85 billion, the RMG exporters will receive the highest amount worth Tk 1.13 billion while frozen foods Tk 351 million and leather Tk 224 million.
"We have already released the major part of the cash incentives. Rest of the amount worth Tk 1.52 billion might be disbursed soon," a finance ministry official said.
The government has introduced the cash incentives for the leading export earners to help them stay competitive in the international market, he said.
According to available statistics of export promotion bureau (EPB), export of major two export earning sectors---RMG and frozen foods---have fallen short of target in the first ten months of the current fiscal.
The country earned $12.82 billion in the first ten months of the current fiscal against its target of $13.10 billion.
Exporters' feared a record deficit in export target of $16.3 billion due to steep slide in demands of RMG products in the international market.