Stimulus Package Loans

Mannan for taking steps against errant banks

Staff Correspondent

4 December, 2020 12:00 AM printer

Admitting that many are not getting stimulus package incentives, Planning Minister MA Mannan on Thursday directed the finance secretary and the governor to take necessary steps to ensure proper distribution of the loans.

“We’ve already allocated money of stimulus packages. But a major portion of the loans are not going to targeted people. The issue should be looked into seriously,” the minister remarked.

“If any bank don’t pay heed to instruction or comply with the law, necessary actions should be taken against them,” he told the finance secretary and the central bank governor.

He made the instructions while he was addressing the finance division initiative series of dialogue on Job creation and revamping economy from Covid-19 impacts at the city’s Osmani Memorial auditorium.

Finance Secretary Abdur Rouf Talukder and Bangladesh Bank Governor Dr Fazle Kabir also joined the dialogue aimed at raising awareness on government announced Tk 1.21 trillion stimulus packages.

“All are bound to abide by the law, but we’ve the information that many people did not get loans from banks,” he said.

He pointed out that stimulus loans are not going to SMEs as most of such entrepreneurs don’t have bank accounts. Initiative has to be taken to bring them under the banking system, otherwise the stimulus package won’t come to any effect.

MA Mannan identified “miss-targeting” as the main problem of the different support initiatives of the government, which he said has brought down total return of the initiatives.

“The main message of the strategy of our Prime Minister is to make people self-sufficient. We’ve much achievement, but we’ve to work all and perform our individual duties,” he commented.

Instead of providing subside based incentives, the government should think about more policy support and reform initiatives to get more return from the initiatives, he pointed out.

Facing the second wave of virus attack would be much easier for the country, given the success achieved during the first wave and the success will continue if people are oriented this time, he noted.

The finance secretary presented keynote paper at the dialogue, while SME Foundation Chairman Masudur Rahman, Distinguished fellow of Centre for Policy Dialogue (CPD) Prof Mustafizur Rahman, ADB Country Director Manmohan Parkash joined the event as panel discussants.

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Sheikh Fazle Fahim and Planning Commission Member Dr Shamsul Alam were also the panel discussants of the dialogue.