FBCCI seeks moratorium on loan classification until Dec 31

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has sought moratorium from Bangladesh Bank on industrial loan classification until December 31 to keep the private sector afloat during the coronavirus pandemic.

A delegation of the FBCCI made the request in a meeting with Bangladesh Bank Governor Fazle Kabir at his office in Dhaka on Wednesday, according to a press release.

At the meeting, FBCCI President Jashim Uddin  said borrowers are losing their ability to repay bank loan instalments against the backdrop of uncertain recovery of economic activity amid the Covid-19 pandemic.

Seeking an extension of the loan classification deadline, he said most of the industries and businesses are struggling to keep the business running and are unable to repay the loan instalments on time.

They will become involuntary defaulters unless the benefits provided by banking watchdog are extended till the Covid-19 situation improves and business operations are restored, Jashim Uddin added.

"This will put an adverse impact on production and business operations."

He expressed worries and said the entire economy, including the banking sector, would be disrupted.

FBCCI vice presidents MA Momen and Amin Helaly and former director Manzur Ahmed were also present.