Textile millers have called the government for low-rate bank loans to pay wages and utility bills for July to offset losses due to two weeks' economic stalemate over a student movement.
The Bangladesh Textile Mills Association (BTMA) has also demanded that commercial banks release their accepted/mature bills against back-to-back letters of credit (L/Cs) for yarn and fabric to RMG exporters.
The BTMA made the pleas in a letter to the finance minister on Wednesday.
"Once the bills are received, member mills will get some relief from a deficit of necessary working capital for their operations," said BTMA president Mohammad Ali Khokon in the letter.
In the last two weeks, mills have failed to collect raw materials timely and sell products due to local market shutdown. Export-oriented mills failed to ensure timely supply, he explained.
"Many mills have remained closed due to instability in the past two weeks. As a result, mills are in dire financial straits," Mr Khokon said in the letter.
Textile mills are passing hard times due to cancellation of orders, halt in production, absence of workers and disrupted supply of raw materials, according to him.
Mr Khokon expressed fear of not making timely payment of wages for the month of July and demanded bank loans at 2.0-per cent interest rate for a year.
He also sought the same loan facility for the same period in question to pay gas and electricity bills.
The BTMA leader also sought the intervention of the ministry concerned so that central bank takes measures required to suspend the payment of term-loan instalments for six months.
In that case, he further demanded interest-free repayments of term loans for the next six months and suspend repayments during the time.
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