Slowdown impacts: Government urged to take economic measures

In order to save the economy from the impacts of the slowdown in the world economy due to the COVID-19, the government should take economic measures to keep industrial wheels running and save the livelihood of millions, including disbursement of all outstanding sales tax refunds at a fast speed, significant cut in mark-up rate and continuation of energy supply on competitive rates.
According to the statement issued here on Monday Pakistan Hosiery Manufactures & Exporters Association vice chairman Shafer Butt said that the whole value-added textile industry appreciate the government for giving exemption to several industries, including the apparel industry, from the lockdown, allowing it to work after adopting precautionary measures.
He welcomed the government decision of reopening the industry, exempting it from lockdown with a view to provide financial relief, especially to the workers, amid prevailing coronavirus crisis.
Shafiq Butt also hailed the government for lifting ban on goods transport for maintaining uninterrupted supply of goods whereas permissions for wheat reaping and allied industries were part of government's efforts to save the country from impending economic challenges.
Shafiq Butt said that the opening of industry is aimed at providing jobs to unemployed labour in the wake of the coronavirus pandemic.
Shafiq Butt also welcomed the government decision of releasing sales tax refunds of Rs.100 billion to the industry under the government's Rs1,240 billion package announced by the prime minister, saying that the move will address the liquidity challenges faced by the exporters if it is implemented fully.
He observed that that improved cash flow position of the hosiery exporters would ensure that workers get their salaries on time. He urged that the government should take bold decisions in these difficult times including releasing tax refunds to the industry at a fast speed, as Pakistan's export are expected to decline up to $4 billion due to spread of Covid-19 across the world.