Review of stimulus package today | The Daily Star
11:00 PM, August 04, 2009 / LAST MODIFIED: 11:00 PM, August 04, 2009

Review of stimulus package today

The government reviews the financial stimulus package today for the industries hurt by the global economic crisis.
Officials with the finance ministry told the news agency yesterday that there would be no major change in the package at the review meeting to be held at the ministry.
This will be the first meeting on the bailout package for fiscal 2009-10, they said. The review meeting is expected to discuss export performance of major sectors and evaluate the impact of the stimulus on those, which had already received financial support.
The government in March announced a Tk 3,424 crore package to cushion the impact of global economic downturn on the local industries.
The officials said the stimulus committee would see how much from the fund has so far been injected into the recession-hit sectors and what are the impacts of the bailout.
The committee will also review disbursements of the fund under the stimulus package, declared in the current budget.
The budget for fiscal 2009-10 has allocated Tk 5,000 crore for supporting the local industries and exporters to mitigate the recession fallout.
Officials said the chance for any major change in the declared package is thin, as the situation has not changed after declaration of the bailout. They said the global economy showed signs of recovery, giving the country's exporters a hope for better future.
The latest data showed that the country's annual exports increased by over 10 percent in the immediate-past fiscal year amid recession.
"This growth indicates that the major export sectors are not in a dire situation," a finance ministry official said. The sectors such as leather, jute, frozen foods and fish would get continuous support under the bailout, he said.
The government increased financial support to the producers and exporters of jute goods, leather goods, frozen foods and fish by around 3 percent for their comfort during recession.

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