Mohammad Jawed Chinoy, Zonal Chairman, Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) has expressed grave concerns that the textile sector is under heavy pressure of financial crunch, but this is being totally overlooked by government departments like State Bank of Pakistan and Ministry of Textile Industry (Mintex).
PRGMEA chairman said that the ministry of finance has already disbursed over rupees 1.5 billion a month ago to pay the duty drawback claims of exporters, but this money is still lying with the SBP, which has sought clarifications from the ministry to disburse the amount. However, after the departure of last minister of textile industry, Rana Mohammad Farooq Saeed Khan nothing is being properly handled by the ministry and the textile sector badly needs the ministry to be active again, he added.
Chinoy said that the State Bank of Pakistan should realise the problems that the exporters are passing through because of the cotton prices being at all-time high. SBP should immediately sort out the problems and start paying exporters who are passing through serious financial crunch, he concluded.-PR
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