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FAISALABAD: Chief Manager SBP Sarfraz Ahmad Nadeem on Wednesday addressed an awareness session on SBP financing schemes at Pakistan Hosiery Manufacturers and Exporters Association.

He said that SBP was providing loans to small and medium enterprises on easy terms and at low mark-up rates to help the distressed businessmen due to lack of capital. He said that not only exporters but also local businessmen were being provided loans at 6 percent mark-up rate but unfortunately the people were not taking full advantage of them. He said that the purpose of this session was to bring together stakeholders, bankers and regulators under one roof to solve the problems of small and medium enterprises. Briefing the awareness session, Assistant Chief Manager SBP Tahir Abbas said that SBP needs to invest in import of modern machinery, local machinery, power generation, renewable energy and others to facilitate SME’s sector. It provides easy business instalment loans at 6% annual mark-up rate.

He said that small and medium scale people should get maximum benefit from these schemes and if they have any problem with banks in this regard, they can approach SBP through the association’s platform, so that their problems can be solved in time.

Earlier, while delivering a welcome address, Mian Kashif Zia, Chairman, Pakistan Hosiery Manufacturers and Exporters Association North Zone, gave a brief introduction of his association and said that PHMA is the largest and selected exporter of knitted garments. It has more than 1,600 member companies across Pakistan and has the distinction of providing the largest number of employment opportunities in the country. He said that PHMA members earn Rs3. 3.8 billion annually in foreign exchange while the association has offices in Faisalabad, Karachi, Lahore and Sialkot. He said that textile sector was going through a difficult period today. This is because with the introduction of 17% sales tax, textile policy has not been issued yet, which prevents exporters from confirming future orders with their customers.

The government has not yet announced a permanent textile policy for the value added textile sector. He lauded the SBP financing schemes on the occasion and said that due to these schemes they would get some financial support and especially it would be very useful for the SME sector.

Shaheen Tabassum, former Chairman PHMA (NZ) said that our local hosiery sector makes vest, socks and other products that meet the needs of the country.

Copyright Business Recorder, 2021

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