CAPTA lauds government's relief efforts under SBP Refinance Scheme

Textile manufacturers-cum-exporters associations on Saturday appreciated a relief by the government under the State Bank of Pakistan Refinance Scheme to offset effects of Covid-19 and help the industries benefit - those availing the refinancing in terms of a continued liquidity and flexible credit borrowing.
They also lauded the State Bank of Pakistan's move of a downward revision of interest rate, saying that it will also help the industries particularly the SMEs.
"The prompt and proactive measures offered by State Bank of Pakistan to the exporters will address their liquidity problems to some extent and shall ease down the financial problems," Muhammad Zubair Motiwala, Chairman Council of All Pakistan Textile Associations said.
He said that the textile exports industries also appreciated a role of State Bank of Pakistan in prompt disbursement of funds for Duty Drawback of Taxes (DDT) and Drawback of Local Taxes & Levies (DLTL) released by the Ministry of Commerce to ease the liquidity of textile exporters.
Exporters are further anticipating the State Bank should also favorably consider and clear the minor objections of pending DDT & DLTL claims, he said.
"Stated by the State Bank decision to allow relaxation to financing in both in conventional and Shariah compliant schemes Long Term Financing Facility (LTFF), Refinance Facility for Modernization of SMEs, Refinance and Credit Guarantee Scheme for Women Entrepreneurs, Refinance Scheme for Working Capital Financing of Small Enterprises and Low-End Medium Enterprises, Small Enterprise (SE) Financing and Credit Guarantee Scheme for Special Persons is welcomed," he added.
Motiwala, Chairman CAPTA demanded that refund cases, which are pending because of the IT related problems of FBR should be resolved on an urgent basis. He also appreciated the announcement of Dr Hafeez Shaikh, Advisor to Prime Minister on Finance & Revenue last week about deferring gas and electric bills for a period of next three months.
However, he said, a notification of in this connection has not been issued as yet. He requested to the government for issuance of a notification at earliest as Power & Gas Distribution Companies will comply only after issuance of a proper official order.