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PLGMEA demands deferment of mark-up on export finance loans
20 Feb '09
4 min read
Mr. Fawad informed the Governor SBP that some members of PLGMEA had issues pending with the Industrial Development Bank of Pakistan (IDBP) which have not yet been resolved. He stated that IDBP did not allow Export Refinance to Exporters and charged higher mark-up from their current finance quoting SBP refusal to extend limits of Export Refinance to IDBP.
Mr. Fawad told the Governor it was not the fault of PLGMEA members and SBP should intervene to solve this issue. The Governor stated that SBP will hold meeting with IDBP soon to resolve this issue. PLGMEA Delegation also complained that the Banks are not very keen to extend Export Refinance Loans to the Exporters because getting only 1% spread instead of previous spread of 2%.
In the end Mr. Fawad thanked the Governor SBP Syed Salim Raza for taking the time out of his busy schedule to listen to the problems of the Leather Garments industry and he was hopeful that the industry will be able to come out of crisis with the help of adequate support from the SBP.
Mr. Fawad told the Governor it was not the fault of PLGMEA members and SBP should intervene to solve this issue. The Governor stated that SBP will hold meeting with IDBP soon to resolve this issue. PLGMEA Delegation also complained that the Banks are not very keen to extend Export Refinance Loans to the Exporters because getting only 1% spread instead of previous spread of 2%.
In the end Mr. Fawad thanked the Governor SBP Syed Salim Raza for taking the time out of his busy schedule to listen to the problems of the Leather Garments industry and he was hopeful that the industry will be able to come out of crisis with the help of adequate support from the SBP.
Pakistan Leather Garments Manufacturers & Exporters Association
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