President of the country’s apex trade organization FBCCI Sheikh Fazle Fahim on Monday said that they would remain involved in the working capital loan/investment disbursement process of the government-announced Tk 20,000 crore financial assistance package for cottage, micro, small and medium enterprise (CMSME) organisations.
He also said that the FBCCI (Federation of Bangladesh Chambers of Commerce and Industry, in its rarely used full form) would always strive to revive the economy by providing all possible assistance in case of any problem, according to a press release.
On April 5, Prime Minister (PM) Sheikh Hasina declared a financial assistance package of Tk 20,000 crore on low-interest for working capital loan/investment facility through the banking system to retain the capacity of CMSME entrepreneurs affected by the coronavirus and to keep the manpower working.
In light of her announcement, FBCCI President Sheikh Fazle Fahim submitted a proposal to Bangladesh Bank to make the loan/investment disbursement process easier for the entrepreneurs of CMSME as well.
“Most of the CMSME entrepreneurs, entitled to have the current capital loan/investment facility, have minimal infrastructures and relationship with bankers than those of the others. As a result, if these entrepreneurs were selected upon reviewing their basic standards, financial statements and ICRRS, many would fail to meet required qualifications to avail the loans and investment benefits," he said.
Meanwhile, the FBCCI president said: "If the loan amount is not determined and the demand is not coordinated with it, we will not get desired results.”
The Prime Minister has already allocated Tk 70,000 crore as refinancing for the smooth implementation of loan/investment and other facilities under various financial assistance packages, announced so far, to keep economic activities uninterrupted during the Coronavirus pandemic, he added.
Fahim expressed gratitude to the Prime Minister and Finance Minister AHM Mostafa Kamal for the initiative.
The FBCCI proposal included that cottage, micro, small and medium enterprise (CMSME) organisations such as trade, factory, shop, dealer, retailer, distributor, pharmacy, restaurant, petrol pump, travel/tourism/resort, transport, fashion house, beauty parlour, women entrepreneur, saloon, small cottage and middle industry could avail the facility if recommended by the respective district chamber. Necessary recovery time will also be provided by the association.
He also urged easy access to credit for all media outlets.
Fahim called upon the individuals and organisations to inform FBCCI if any bank or financial institution does not provide proper assistance to them The FBCCI will also monitor the implementation of these guidelines.
Meanwhile, he said, a demand was also raised to facilitate media, newspapers, TV, trucks, cargo, launches, and backward exports, with the loan/investment facility on the basis of salary statements and as per the advice of the association concerned.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) believes the business community will particularly be benefited from the facility. The central bank took the initiative following the FBCCI's proposal regarding easy loan access by entrepreneurs in the CMSME sector, the press release added.
As per the instruction, separate help desks will be set up in each branch of the bank/financial institutions to assist the entrepreneurs so that information about financial aid packages can be found easily.
City Group and Meghna Group have reduces the wholesale price of refined soybean oil by Tk 5 per litre and sugar by Tk 3 per kg.
They announced the decision after meeting Commerce Minister Tipu Munshi.
It was taken for the sake of consumers during the month of Ramadan, said a press release from Commerce Ministry issued on Monday.
To ensure the safety of the customers amid coronavirus outbreak, Samsung Bangladesh has launched an online ordering platform Galaxyshopbd.com.
The platform will offer free delivery nationwide within 72 hours (Terms & Conditions Apply), said a press release on Monday.
All home delivery will be made while taking the necessary health and safety precautions.
Payments can be made either through bKash (on delivery) or cash on delivery or card payment on delivery.
The online shop will feature all products available for the Bangladesh market, includingA01, A2 Core, A10s, A20s, A50s, A51, M30s, M40, Note 10+, Note 10 Lite, S10+, S20 Ultra, Tab A 10.1 and many more.
Thus, for the convenience of customers, Samsung is providing up to 50% cashback on online purchases.
To order, go to the official website: http://www.galaxyshopbd.com.
Local electronics brand Walton is set to launch a new smartphones - Primo N4 - featureing a large screen with triple rear cameras.
The handset will be available for pre-book online amid coronavirus pandemic, said Asifur Rahman Khan, head of Walton Cellular Phone Sales department.
Home delivery will be available with attractive offers on pre-book, he said.
The phone will be released in the middle of May but its price has not been revealed yet.
The ‘Primo N4’ features a 6.5-inch HD+ IPS notch display with 1600X720 pixel resolutions. The device will come in two different colours -- rainbow black and sea green. The back cover of the Rainbow Black device is made of PMMA material which will enable the device to glow in different colours like rainbow on bright lights.
Moreover, the device would get less scratches than other devices which use plastic materials.
Runs of Android 9.0 Pie, it sports a high-performance 2.0 GHz ARM Cortex-A53 Octa-Core processor, Mali-G71 MP2 GPU, 3 or 4 GB LPDDR4x RAM and 32 or 64 GB internal storage, which can be expanded to 64GB.
The device has 16 MP, 8 MP and 2 MP triple cameras in the back with auto focus, PDAF and LED Flash and a 13 MP camera on the front with various attractive modes and features. It is powered by a standard 4000mAh Li-polymer battery.
The smartphone has 4G network support, full HD video recording and playback, picture in picture, smart control, ambient display, face unlock, fingerprint, OTG etc.
Researchers of South Asian Network on Economic Modelling (Sanem) has identified three factors on which the success of the government announced stimulus packages and social protection programmes hinge on.
These are – effectively identifying the vulnerable people and determining the nature and duration of support, ensuring that the genuinely affected industries and poor and vulnerable people receive support and introducing a Monitoring and Evaluation (M&E) mechanism to ensure efficiency, transparency and accountability in the distribution mechanism.
A Sanem research team, led by its Executive Director Dr Selim Raihan, have assessed the poverty impacts of the coronavirus pandemic in Bangladesh, says a press release.
In addition to 34 million existing poor, in case of uplifting the poverty line income by 1.25 times, there are another 36 million people who are ‘non-poor’ but can be categorised as the vulnerable population, Sanem said.
Using the latest Household Income and Expenditure Survey (HIES) data of Bangladesh Bureau of Statistics (BBS), the researchers have run simulations which reveal that with a negative income shock of 25 percent, the overall poverty rate will be 40.9 percent, which means another 20.4 percent population will fall into poverty.
The key findings of the research also included poverty impact of any income shock can differ depending on the people engaged in various economic activities.
Simulation results suggest that most of the newly poor in Bangladesh will be concentrated in economic activities like crop, animal and fishing production (43 percent), different manufacturing activities including RMG (16 percent), retail trade (11 percent), transport activities (10 percent), and construction activities (7 percent).
Given that the majority of these people are employed in informal activities (85 percent of the employed), any employment shock is feared to have severe implications on the overall level of poverty of the country.
Given the geographical dynamics of poverty in Bangladesh, a negative income shock on poverty rates will vary across the regions.
Forty districts will experience the rise in the percentage of poverty more than the national average. For example, in Rangamati, there will be an additional 30.9 percent people falling into poverty.
In the same fashion, other major affected districts with higher percentages (than the national average of 20.4 percent) of additional people falling into poverty will be Mymensingh (30.2 percent), Sunamganj (28.7 percent), Cox’s Bazar (27.5 percent), Nilphamari (27.2 percent), Narail (27.1 percent), Chottogram (26.9 percent), Netrokona (25.9 percent), Chuadanga (25.8 percent), Sherpur (25.6 percent), Barguna (25.5 percent), and Shariatpur (25.3 percent), among others.
The estimated impact is found to be lower for Dhaka, Narayanganj, Gazipur, Munshiganj, Brahmanbaria and Narshingdi.
“However, since the initial hot spots of infections are concentrated in many of these areas with a high density of population, in reality, fall in income of households in these regions can be much higher than our assumption of 25 percent income shock,” the press release said.
Also, the higher concentration of small-scale trading activities, which can be heavily hit by the shutdown, may result in much more depressing impacts than the aforementioned estimations, it said.