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Woven garment exporters face acute liquidity crunch
27
Aug '11
The woven garment exporters are facing acute liquidity crunch, as payment of billions of rupees is stuck up with government departments on account of rebate, customs drawback and sales tax refunds, said Chairman Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) North Zone Mubashar Naseer.

He said it is becoming financially unviable for a large number of woven garment exporters to survive amidst severe financial pressure. He further added that another Rs 23.42 billion is stuck up as claims under the Duty Drawback of Local Taxes & Levies (DLTL) Scheme.

Chairman PRGMEA said both customs drawback and sales tax is supposed to be computerized and it should be released automatically as per schedule. However, no payment of stuck up claims is made by the concerned departments so far.

According to him, the indifferent attitude of government policymakers is worrisome for the exporters, who are already exposed to severe energy shortage in the country. He said the PRGMEA delegations have made presentations to the respective authorities time and again but to no avail.

It may be noted that the woven garment exports have registered about 40 percent growth during 2010-11, while doubling the average unit price, excessively utilizing expensive fabrics in different weights and employing 30 percent of total 3.5 million workforce of textile industry value chain.

Chairman PRGMEA has urged the government to ensure release of stuck up funds of the woven garment industry without any further delay to keep its growth momentum intact.

Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA)


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