Stimulus packages: Body to be formed to monitor implementation

The finance ministry will form a high-powered committee to monitor implementation of the government-announced stimulus packages worth around Tk 1 lakh crore to rescue the coronavirus-hit economy.  

Besides, a unit will also be set up at the Bangladesh Bank to monitor loan disbursement process under the rescue packages. In addition, monitoring cells will be set up in state-owned and private commercial banks under the leadership of respective managing directors (MDs). These cells will work in coordination with the Bangladesh Bank unit.

And activities of both the unit and cells will be directly supervised by the finance division of the finance ministry, said sources in the ministry.

The finance division has sought consent from Finance Minister AHM Mustafa Kamal regarding formation of the committee. If approved, the division will issue a circular this week.

Finance Division Joint Secretary Shirajun Noor Chowdhury said the committee and the unit will monitor if the banks ensure simplicity in every stage and quick disposal while considering loan applications under the stimulus packages.

Last week, the finance minister held a video conference with leaders of two banking organisations -- the Bangladesh Association of Banks (BAB) and the Association of Bankers, Bangladesh (ABB) -- to outline the implementation of the incentive packages announced by the government, said sources in the finance division.

The finance minister informed the meeting that they would prepare a roadmap for the banks to implement the recommendations and suggestions of his ministry.

BAB Chairman Nazrul Islam Majumder and ABB Chairman Ali Reza Iftekhar then assured the minister of cooperation.

As per the sources, the finance ministry has prepared a summary for the prime minister of all the packages announced by the government so far.

There is a description of how incentive money is spent and which sectors will benefit from it.

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