Beximco Group has submitted a five-point proposal to the government to ensure the continuity of its operations, particularly in the export-oriented garment and textile sectors, while safeguarding the jobs of 40,000 employees. The proposal includes transferring all outstanding dues into an interest-free block account, with a 10-year repayment period and a two-year moratorium. The group is also seeking the establishment of back-to-back letters of credit for exports, bill discounting facilities, and a packing credit facility. Beximco is concerned about meeting worker wages for September, totaling Tk65 crore, and has requested that this amount be deducted from received export proceeds. The group emphasized the urgency of its situation, stating that without additional credit facilities since May 2024, they face significant operational challenges, including potential downsizing or reduced expenditures. The proposal outlines expectations for business recovery by January 2025, provided shipments resume immediately. Additionally, recent events have led to the freezing of personal accounts of key stakeholders, further complicating the financial landscape for Beximco. The group expressed that continued cash deficits could jeopardize their customer base permanently if unresolved.
Source for more details:
