State-run Bangladesh Textile Mills Corporation (BTMC) shares 53.86 percent of the total classified loans that 38 public entities owed to five state-owned commercial and specialised banks till March this year.

The state-owned banks are—Sonail Bank, Janata Bank, Agrani Bank, Rupail Bank and Basic Bank.

Meanwhile, Bangladesh Petroleum Corporation (BPC) owes state-run banks around Tk 18.38 billion as of March 12, more than 50 percent of the total outstanding loans (Tk 33.15 billion) of 38 government entities to the state banks, Bangladesh Bank (BB) data shows.

The amount of classified loans of state-owned enterprises from the state-run commercial banks stood at Tk 2.97 billion at the end of March 2012, down from Tk 3.25 billion at the end of July last year.

BTMC’s total outstanding loan is Tk 1.75 billion, of which Tk 1.59 billion is classified, BB sources said.

“We are trying our best to clear the default loans and already paid back Tk 2 billion” BTMC Chairman Brig General Mahmood Ul Alam told daily sun yesterday.

“I do not think the BTMC is still the top defaulter among the government institutions as we have repaid a portion of the debt,” he added.

Bangladesh Chemical Industry Corporation (BCIC), which is the second top defaulter among the 38 state-owned companies, owes Tk 904.60 million to different state-owned banks.

Of its total outstanding loans, state-run BPC owes the highest Tk 7.11 billion to Sonail Bank, followed by Tk 5.90 billion to Agrani Bank, Tk 4.50 billion to Janata Bank and Tk 4.20 billion to Rupail Bank.

Bangladesh Power Development Board (BPDB) also has an outstanding loan of Tk 1.67 billion with different state banks.

Besides, seven state-run enterprises in manufacturing sector share 88.49 percent of total classified loans of 38 state-owned enterprises as of March 2012.

The International Monetary Fund (IMF) has tagged a condition to its one-billion-dollar credit that the government would halt further loans to BPC, BPDB and BCIC from the state-run banks from fiscal 2014-2015.

“It is a dreadful performance of the current government to run an enterprise like BTMC without solving its financial crisis,” Dr Mirza Azizul Islam, former adviser to caretaker government, said.

The Daily Sun/Bangladesh/ 3rd May 2012