CCCI demands loan instalment deferment, interest waiver for industries

Business leaders have demanded special concessions for industrialists as gas and power shortages severely disrupt industrial production in the country. They have sought 90 days' time to pay electricity and gas bills without penalties. They have also requested a three-month deferment of bank loan instalments along with interest waivers.

The Chattogram Chamber of Commerce and Industry (CCCI) sent two separate letters to two concerned ministers on Saturday in this regard. The letters were sent by CCCI President Mohammad Amirul Haque to Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmud and Finance and Planning Minister Amir Khosru Mahmud Chowdhury.

In the letter, CCCI President Mohammad Amirul Haque stated that due to prolonged power and gas supply problems, production in small, medium and large industries, including readymade garments, textiles and plastics, has been severely affected. Many factories have already shut down or have been forced to declare unofficial lay-offs due to a lack of adequate fuel.

The letter further stated that due to production disruptions, sales and export earnings of industrial units have declined to the point of near closure. As a result, along with production costs not being met, it has become impossible to pay employee salaries and benefits, bank loan interest, utility bills and even daily expenses. Industrial entrepreneurs will have to bear the brunt of this loss for the next several months.

In such a situation, the Chattogram Chamber raised two demands in the letter sent to the Power and Energy Minister. They are: not to disconnect gas and electricity connections of any factory for temporary arrears, and to relax the current monthly bill payment rule for the next six months by allowing 90 days without any penalty.

On the other hand, in the letter sent to the Finance and Planning Minister, the Chattogram Chamber said if entrepreneurs have to bear high interest on bank loans during this crisis, it would be "adding insult to injury." It could send the wrong message to domestic and foreign investors regarding maintaining industrialisation and a business-friendly environment in the country.

In such circumstances, the Chattogram Chamber has requested necessary directives to waive interest on bank loans and defer loan instalment payments for at least three months to compensate for the losses of all industrial establishments, including export-oriented garment factories. **