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Pakistan: PRGMEA confident about PM’s focus on an export-oriented industry

The Pakistan Readymade Garments Manufacturers and Exporters Association is confident that PM Imran Khan and his economic team will bail the country out of the economic crisis by paying special attention to the export-oriented industry. PRGMEA pointed out that the incumbent government has fulfilled all its commitments made to the exporters within very short span, particularly lowering gas tariff to $6.5/MMBTU and reducing electricity rates to Rs 7.50 cents/kWh to the exporting industry.

Sales Tax refund payment has been cleared against RPOs while payment processing of Deferred Sales Tax refunds, which were pending for the last 15 years, has also been started. PRGMEA also appreciated the government to allow advance payments for imports of basic industrial raw material. Appreciating the government on taking serious notice of the severe issue, it said the move has raised the business community's confidence and such business friendly policies will definitely result in boosting the trade and industry. The facility's withdrawal had severely affected the export-oriented industries of the country. The move also delayed export shipments besides scaling up the cost of production.

The country's budget deficit was Rs 230 billion before this government, after coming into power it has reduced it by Rs 130 billion. This government has fulfilled its commitment to the nation by taking the country out of inherited financial crisis and is successfully managing the pending external payments.