Dr Mirza Ikhtiar Baig, Chairman FPCCI Standing Committee on Banking, Credit & Finance has requested the governor State Bank of Pakistan and presidents of other banks for rescheduling of the loans and to allow their working capital facilities on priority basis.
Briefing the Senate Standing Committee on Textile, he said that the governor SBP on behalf of the banking sector assured to help the textile sector and appointed SBP focal person to assist defaulter for rescheduling of the loans on urgent basis. The Chairman Senate Standing Committee on Textile Senator Mohsin Aziz has called a meeting of Senate Standing Committee on textile with Governor SBP Ashraf Mahmood Wathra and presidents of all commercial banks, which was also attended by Senator Salim Mandviwala, Senator Khusbakht Shujat, Senator Nasreen Jalil, Sentator Nihal Hashmi and Senator Hari Ram.
The leading textile sector representatives also attended the meeting and appraised committee about the crises of the textile industry.
Dr Mirza Ikhtiar Baig appraised the participants about the reasons and immediate actions to be take to address the challenges being faced by the textile industry. Dr Baig informed the house that due to increasing cost of production, textile industry is becoming uncompetitive which is witnessed by the decline in exports and closure of textile mills, whereas due to default in payments of banking loans, the banks have withdrawn their credit facilities which has further aggravated the situation and would increase non performing loans of the banks of the textile sector. Dr Baig informed the Senate committee and the bankers that textile sector is catering 55 percent of total export of the country, generating 40 percent jobs in the manufacturing sector and contributing 9 to 10 percent of our GDP.-PR
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