Feedback Here

fbook  tweeter  linkin YouTube
Global contents also translated in Chinese

PRGMEA critical of Govt. for delaying PM’s package

Following non-payment of refunds and a steep increase in cotton yarn prices which have sent the value-added textile industry into doldrums, the Pakistan Readymade Garments Manufacturers and Exporters Association has asked the PM give directives for early release of funds and implementation of PM package announced earlier.

PRGMEA (North Zone) Senior Vice Chairman Sheikh Luqman Amin denounced the Finance Ministry and The Federal Board of Revenue for delaying the PMs export package, proposing the government release funds to the Central Bank for disbursement of duty drawback of taxes to exporters, as only the immediate payment of all outstanding refunds of sales tax would save the industry.

The Ministry of Textile Industry has already notified the revised PM's package for exporters’ post the approval of the ECC but the Finance ministry has been sleeping over the issue despite the record high prices of yarn in the country.

Amin decried the fact that value-added textile exporters were battling for their survival in international market following severe competition with the regional countries. He warned that the blocking of funds was the main cause of relentless drop in exports.

He was of the view that the government’s initiative, if implemented timely, will provide relief to exporters who are presently facing severe liquidity crunch. His analysis was that these measures were temporary solution, as the government would have to provide suitable working environment by reducing cost of inputs to ensure export targets were met.

PRGMEAs Senior Vice Chairman appealed to the prime minister to pass orders for swift implementation of the package, however, he was hopeful that the government would fulfil its commitment to bring back the confidence of exporters or else the industry would collapse.

 
LATEST TOP NEWS
 


 
MOST POPULAR NEWS
VF Logo