The government has so far announced 19 stimulus packages worth over $12.11 billion (Tk 1,02,957 crore) to offset the COVID-19 shock on various sectors and minimise the sufferings of the people hit hard by the nationwide shutdown imposed to curb the spread of the deadly virus, BSS reports.
“In the wake of the coronavirus (COVID-19) outbreak in the country, the government led by Prime Minister Sheikh Hasina has so far declared 19 stimulus packages of Tk 1,02,957 crore (equivalent to over $12.11 billion) which is 3.7 per cent of total GDP to revitalise the country’s economic activities and production system,” a source at the Prime Minister’s Office (PMO) told BSS on Thursday.
It said various economic sectors, including export-oriented industries, small, medium and cottage industries, agriculture, fish farming, poultry and livestock have been brought under these incentive packages.
Among the packages, the highest amount of Tk 300 billion (Tk 30,000 crore) has been allocated for providing working capital facility to the affected industries and services sector organisations followed by Tk 200 billion stimulus package for supplying working capital to the small (including cottage industries) and medium industrial enterprises.
The other stimulus packages declared by the government are special fund for the export-oriented industries with Tk 50 billion (Tk 5,000 crore) and expanding the facilities of Export Development Fund (EDF) introduced by Bangladesh Bank with Tk 127.5 billion (Tk 12,750 crore).
Besides, incentive packages like Pre-Shipment Credit Refinance Scheme with Tk 50 billion, special honourarium for the doctors, nurses and health workers with Tk 1.0 billion (Tk 100 crore), health insurance and life insurance with Tk 7.5 billion (Tk 750 crore) and free distribution of food materials with Tk 25.03 billion (Tk 2,503 crore) were announced by the government.
The other stimulus packages declared so far by the government are agriculture subsidy with Tk 95 billion (Tk 9,500 crore), agriculture refinancing scheme with Tk 50 billion, refinancing scheme for the low-income professional farmers and small businessmen with Tk 30 billlion, selling rice at Taka 10 per kg with Tk 2.51 billion, and distributing cash among the target-based communities with Tk 12.58 billion (Tk 1,258 crore).
Moreover, incentive packages for expanding the coverage of allowance programme with Tk 8.15 billion (Tk 815 crore), building houses for the homeless people with Tk 21.3 billion (Tk 2,130 crore), Boro rice/paddy purchase operation (additional 200,000 metric tonnes) with Tk 8.6 billion (Taka 860 crore), and mechanisation of agriculture works with Tk 2.0 billion (Tk 200 crore) were announced since the outbreak of the coronavirus.
Prime Minister Sheikh Hasina on May 14 launched the disbursement of Tk 12.5 billion (Tk 1,250 crore) cash assistance among five million poor families hit hard amid the COVID-19 pandemic.
Under the programme, each of the five million destitute families, affected badly due to COVID-19 outbreak, received Taka 2,500 ahead of the Eid through mobile financial services (MFSs).
Through this cash support, nearly 20 million people were directly benefitted as on an average four members have been counted in each of five million families, the source said.
The premier said a total of Taka 1,250 crore was given to 50 lakh families that have lost jobs but were not included in any assistance programme, through mobile banking and each of the families received Taka 2,500.
Officials said the government has also made special arrangements for the marginalised community of society and these programmes will continue until the situation becomes normal.
A total of Tk 25 billion (Tk 2,500 crore) was allocated to Palli Sanchay Bank, Karmasangsthan Bank, Probsahi Kalyan Bank and Palli Karma Sahayak Foundation to help the youths and expatriates who lost jobs for the pandemic.
The government has started procurement of paddy and rice so that the farmers get fair prices. “In the current season, 2.22 million MT food grains, 0.2 million MT more than the previous year, will be procured,” the officials said.
Besides, the government has made arrangements for supplying combined harvesters and reapers at subsidised prices and for this Tk 2.0 billion (Tk 200 crore) was allocated.
Another Tk 50 billion has been allocated for the farmers at only 4.0 per cent interest to offset the agriculture fallout of the COVID-19, the officials said.
According to sources, loan facilities of Tk 50 billion against special fund for export-oriented industries have been made effective and those who could not join the work are also getting 60 per cent salary.
“Payment of salary and allowances from this incentive package has already started,” the sources added.
On May 31, the prime minister unveiled the 19th and latest stimulus package to waive Tk 18.4 billion (Tk 1,840 crore) bank interest of the people affected badly by the nationwide shutdown enforced to contain the coronavirus (COVID-19) pandemic.
While announcing the latest package, she said the government will provide the interest to the banks as a subsidy and it will directly benefit nearly 13.8 million loan recipients.