All Pakistan Textile Mills Association (APTMA) Punjab chairman Adil Bashir recently urged the government to freeze the interest rate on loans and requested the State Bank of Pakistan to ask banks to suspend interest on long-term and working capital loans and advances till June 30. The Rs 100-billion relief announced could be utilised to defray this cost, he said.
Bashir said the government should make arrangements to defer installments of all loans for a year and issue a clear standard operating procedure to restart production and protect jobs, he said in a statement.All Pakistan Textile Mills Association Punjab chairman Adil Bashir recently urged the government to freeze the interest rate on loans and requested the State Bank of Pakistan to ask banks to suspend interest on long-term and working capital loans and advances till June 30. The Rs 100-billion relief announced could be utilised to defray this cost, he said.#
He proposed setting up of monitoring committees at the district and provincial levels to monitor production activities at the mills, according to Pakistani media reports.
Payment of utility bills of the textile industry should be deferred by three months and the government should also direct the Federal Board of Revenue to immediately pay all sales tax refunds and up to 80 per cent of the claim within 72 hours of the filing of claims, he said.
In case the lockdown continued beyond a month, the government should share the burden of salaries from the funds of social security, the employees old-age benefits institution, the workers welfare funds and other such arrangements that government controls, he added.
Industry estimates suggest more than half of the orders that were to be shipped in the next 30 days had been either deferred or cancelled.
Fibre2Fashion News Desk (DS)
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