Agriculture has always been playing a pivotal role in the economic integration of our country. In an age, where big industrialists and business men become loan defaulters, farmers in Bangladesh have set examples and are currently the best borrowers. During the coronavirus pandemic, government’s stimulus packages and loan incentives helped both big and small firms.
Central Bank also eased the loan repayment because of the pandemic. Big businesses avail that opportunity and took full advantage of it. However, farmers did not avail themselves of the relaxation of the rules and they regularly paid the instalments amid pandemic, which is exemplary to say the least.
Farmers contribution
in our economy has always
been priceless
Farmers’ contribution to our economy has always been priceless and now by being the best borrowers in such difficult times they are integrating country’s economy further.
By repaying these loans they are helping banks in viable financing system. Banks are able to recover the entire investment from the annual aggregate of gross farm income. The pandemic was a huge test for government to financially help and focus on supporting low-income working-class populations including farmers.
In the quarter of January-March last year, a large part of big industrial establishments of the country stopped paying the instalments of bank loans. Therefore, big business and industries should take note from the farmers on how to repay bank installments in time. By becoming the best borrowers, farmers not only helped themselves recover, but also avoided the risk of them dwindling back in the spiteful cycle of indebtedness.