EPB unwilling to deposit surplus funds to govt exchequer

Export Promotion Bureau (EPB) is reluctant to deposit its surplus funds of Tk 3.0 billion to the government exchequer on the plea of financing its ongoing projects, sources said.

In a bid to retain the money amid the government's call for depositing the surplus to the exchequer, they said, it has recently requested the Ministry of Commerce (MoC) to take necessary steps in this regard.

In 2020, the government moved to mobilise the surplus funds held by 61 different state agencies and utilise it to finance different development projects.

The EPB board of directors at its recent meeting decided to request the commerce ministry so that the government reconsiders its call for the funds.

Currently, the EPB has around Tk 7.0 billion in deposits with different banks, officials said.

However, the EPB will require Tk 8.62 billion for implementing its different projects and operating its gratuity and pension funds.

Of the amount, the EPB's building construction project will require Tk 2.80 billion, Bangabandhu Bangladesh-China Friendship Exhibition Centre projects Tk 5.02 billion and pension fund operation Tk 800 million.

The agency would still face a deficit of Tk 1.62 billion to implement the already taken projects and meet the operational costs, said an official.

"If the EPB deposits such surplus funds to the exchequer, the government will later have to finance the projects from its coffer," he said.

Sources said necessary funds will be retained from the surplus to implement the self-financed EPB building construction project and the Bangabandhu Bangladesh-China Friendship Exhibition Centre project.

When contacted, a deputy secretary of the commerce ministry said: "We're working on the issue and will take necessary steps as early as possible."

rezamumu@gmail.com