Bangladesh releases incentives for knitwear sector ahead of Eid

DHAKA: Bangladesh has released cash incentives worth Bangladeshi Taka 1,000 crore for the export-oriented knitwear sector, reported according to local media reports.

The decision by the Ministry of Finance comes nearly 11 days after the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) submitted a request for financial support for the payment of salaries and Eid bonuses ahead of Eid-ul-Fitr, as per Bangladeshi news platform The Business Standard. Eid-ul-Fitr, one of the most important Islamic festivals, is celebrated all over the world with tremendous passion and religious fervour.

This year, it is expected to be celebrated from April 21 to April 23.

This festival also marks the end of Ramzan, the holy month when Muslims fast and engage in acts of devotion and spiritual meditation.

On March 30, the BKMEA president AKM Salim Osman submitted a letter to the government requesting financial aid, Bangaldesh daily The Business Standard reported.

According to the letter, if financial aid is not provided, the export sector could face severe difficulties in paying employees' salaries and bonuses in time for Eid, the report added.

The Ministry of Finance and the Comptroller General of Accounts have given Bangladesh Bank instructions to clear the cash assistance amount, The Business Standard reported.