Some 30 textile mill owners in Bangladesh have been given five to ten years to repay their debts. These mills have been struggling to make good business for sometime. Victims of the global economic recession, they failed to repay loans to banks and financial institutions.

The mills will get full waiver for uncharged interest and interest of suspense account. And the cost of the fund will be flexible. The interest which is yet to be charged or calculated will be waived in favor of customers. But no portion of the principal and costs incurred due to a case filed in court will be given waiver.

The country’s textile sector is presently under pressure due to a slump in yarn prices and low price of exported goods especially in the eurozone. Demand for goods has also decreased in the global market and it has affected production. Many textile mill owners are incurring losses due to the fall in price of goods. Frequent fluctuations of cotton price are affecting the industry. Amid commodity price cuts on the global market, and regular ups and downs in cotton prices, millers dither over buying huge volumes of cotton. This has hampered production.