Published:  04:13 AM, 02 December 2019

Committee to recover defaulted loans

Committee to recover defaulted loans Finance Minister AHM Mustafa Kamal addressing a meeting with the chairmen and managing directors of different banks at the conference hall of National Economic Council on Sunday. -AA

Finance Minister AHM Mustafa Kamal has said that a special committee will be launched to give guidelines about recovery of defaulted loans and to reduce loan interest rate to single digit. This committee will inform their decisions within seven days. Initiatives will be carried out according to the decisions of the committee with effect from 1st January 2020.

AHM Mustafa Kamal stated these things on Sunday at the conference hall of National Economic Council (NEC) while speaking to journalists after having a meeting with the chairmen and managing directors of different banks. Bangladesh Bank's Governor Fazle Kabir was also present at that time.

Fazle Kabir said that the committee will consist of seven members including a Deputy Governor of Bangladesh Bank, Chairmen, Managing Directors and Chief Financial Officers of certain banks. 

AHM Mustafa Kamal added that Finance Ministry is serious about the recovery of defaulted loans. Strong measures will be implemented to free banks from woes, he asserted.

AHM Mustafa Kamal laid emphasis on investments in the private sector for the employment of jobless youths. He expressed hope that the amount defaulted loans would decrease at the end of December. He further said that high loan interest rate is an impediment for industrial growth.


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