Textile sector receives Rs44.5bn under PM’s package

ISLAMABAD: The Ministry of textiles has so far paid Rs 44.5 billion to the local textile industry under Prime Minister’s Exports Enhancement Package since July 2017, with an objective to help boost exports from the country, senior official in the ministry told APP here on Thursday.

During the last ten months, the ministry paid Rs 20 billion to the textiles industry, while it intends to pay more Rs 6 billion in coming month of July, the official said.

During the upcoming year, the government would pay further Rs30 billion to the textile sector for value addition, which the official said would boost country’s external trade.

The Exports Enhancement Package was aimed at bridging gap between exports and imports by encouraging the export-oriented industry and incentivizing the industrial sector for introducing the innovative, modern and cost cutting technologies, particularly in the textile industry.

Replying to a question, he said that so far State Bank of Pakistan (SBP) has received Rs 50 billion refund claims under the package, which he said would be processed accordingly.

He said in last seven months, the government had paid Rs 20 billion in terms of outstanding claims, adding that pending liabilities of Rs. 6 billion would be paid off in coming months.

“The government is committed for the execution of PM export enhancement package for development and growth of the textiles sector for increasing country’s export,” the official added.

He further said that increasing country’s exports and creating job opportunities for the people were the top most priorities of the government.

The official said the government is also committed for promoting Small and Medium Entrepreneur (SMEs) in the country.