12.4m bank clients reap benefit from stimulus packages: BB

Some 12.4 million bank clients have directly benefited from the stimulus packages announced by the government to revive the economy by containing the Covid-19 fallout, claimed the Bangladesh Bank on Monday.

In a statement, the central bank said the government had announced a total of 23 stimulus packages of Tk 124,053 crore and then it was extended by another Tk 4,250 crore through EDF, taking the total to Tk 128.303 crore.

The Bangladesh Bank was directly involved in nine, out of 23, stimulus packages.

The statement said it was found that some 1.3 million people were the direct beneficiaries from 10 packages under which bank loans were provided to youths for employment generation, farmers for agriculture production, large industries and service sectors, small and medium industries, whole loans were distributed under the Bangabandhu Agriculture Loan and through the Ansar-VDP Bank.

Besides, an amount of Tk 5000 crore was provided as subsidy against the loans distributed for garment workers and employees for their salaries while another Tk 1,390 crore was distributed where the number of direct beneficiaries is 3.8 million and 7.3 million, with the total number of beneficiaries being 11.1 million.

The total number of beneficiaries, therefore, stands at 12.4 million while 83 percent of the total stimulus package was implemented taking the total amount to Tk 83,053 crore.

Some Tk 25,210 crore was distributed as loan for sectors like micro, cottage, and medium industries, agriculture re-financing scheme, low-income groups like farmers, small traders, 4 percent concessional-interest loan for agriculture, 5-year term fishery and livestock loan and Bangabandhu Youth Loans under Ansar-VDP Bank for production enhancement and poverty eradication.

The indirect beneficiaries are 2.4 million although the direct beneficiaries are 1.3 million in these sectors.

An amount of Tk 14,654 crore, out of total Tk 20,000 stimulus package, was distributed for micro, small and medium industries where the number of beneficiaries is 95,733 persons while indirect beneficiaries are 1.1 million.

Besides, Tk 3954 crore was distributed, out of total Tk 5,000 crore refinancing loans, for the agriculture sector where the number of direct beneficiaries is 200,000 persons.

An amount of Tk 1,831 crore was distributed against the approved Tk 2,445 crore from the Tk 3000 crore re-finances scheme for the professional farmers and small traders where the number of beneficiaries is 320,000 clients.

The 4 percent concessional-interest loan of Tk 4,056 crore was distributed for the agriculture sector where direct beneficiaries are 600,000.

Some Tk 154 crore was distributed, out of Tk 300 crore, through Ansar-VDP Bank while Tk 72 crore, out of allocated Tk 200 crore, was distributed for agriculture production and employment generation where direct beneficiaries are 87,000 persons.

Some Tk 16,901 crore, out of Tk 17,000 crore, under the Export Development Fund (EDF), was distributed for large industries where the direct beneficiaries are 6,650.

The central bank said Bangladesh has achieved 5 economic growth while the OECD member countries have long been facing a tough situation to keep their growth at the zero level against the backdrop of the Covid-19 pandemic.

“This has been a reflection of the efficiency, capacity and sincere devotion to the work of the government, Bangladesh Bank and other sectors,” the central bank said in its statement.