The Chittagong Chamber of Commerce and Industry (CCCI) has urged the government to waive bank interest and defer loan instalments for three months as prolonged gas and electricity disruptions disrupt industrial production across the country.
The chamber has also sought a 90-day moratorium on gas and electricity bill payments without penalties, warning that energy shortages have caused substantial financial losses and forced some factories to suspend operations.
The CCCI made the demands in two separate letters sent to the finance ministry and the Ministry of Power, Energy and Mineral Resources.
Mohammad Amirul Haque, president of the CCCI, said prolonged disruptions in gas and electricity supplies had severely affected export-oriented garment and textile factories, plastics manufacturers and other small, medium-sized and large industrial units.
"Many factories have even been forced to shut down or undergo unannounced lay-offs," he said in the letters, copies of which were obtained by the FE.
The chamber said reduced and disrupted energy supplies had caused widespread interruptions to factory operations, resulting in sharp declines in production, exports and sales.
"In some cases, [production and sales] came to a complete halt," the letter said.
Industrial businesses have consequently struggled to recover production costs and meet employee wages, bank interest, utility bills and other operating expenses, according to the CCCI.
The chamber warned that businesses would continue to face the effects of the energy crisis in the coming months.
It argued that requiring industrial borrowers to continue paying bank interest despite severe disruptions to production, sales and export earnings would add to the financial pressure on businesses.
The CCCI asked the finance ministry to issue directives to the relevant authorities to waive bank interest and defer loan instalment payments for three months.
It said the measure would provide temporary relief to businesses affected by circumstances beyond their control and help sustain industrial activity.
In its separate letter to Iqbal Hasan Mahmud, minister for power, energy and mineral resources, the chamber requested a three-month extension for gas and electricity bill payments without penalties.
The CCCI also urged the authorities not to disconnect gas and electricity connections to factories during the crisis.
It proposed a 90-day moratorium on utility bill payments without penalties for at least the next six months.
The chamber said the measures were needed to give industrial entrepreneurs time to recover from losses caused by the unexpected and uncontrollable disruption in energy supplies.
"We believe it would be extremely helpful and effective in maintaining continuous industrial production if no factory's gas and electricity connections are disconnected at present," Mr Haque wrote.
The CCCI said the proposed relief would also help preserve industrial production and send a positive signal to domestic and foreign investors about the government's commitment to maintaining a business-friendly environment.
