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'Kibor rate cut can save textile sector' – Chief, FPCCI
15
Apr '09
In order to save the textile sector in Pakistan, textile exporters demanded a cut down in Kibor rate to 8 percent and cap on bank spread at 2 percent. Regarding this, Azhar Majeed Sheikh, Chairman, Exports Committee of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) told newsmen that recently Kibor rate has increased very much, along with higher bank spread.

Further he added that, it will be difficult to maintain textile exports for long if the remedial measures to reduce the burden over textile industry would not be taken by the government as soon as possible. This will definitely ruin the economy of the country. Also he said that, the Pakistani textile industry is unable to compete with its rival exporting countries in this recession period, since, international market is going through tough competition due to the current economic meltdown.

Mr. Sheikh said that the payment of 10 percent mark up would be very tough for the textile industry because of the declining trend of exports over last few months. So, in order to give some relief to the industry he urged the government that the payment of principal and interest should be put on hold at least for the year 2009.

Further he stressed on the conversion of the defaults of the year 2007 and 2008 into deferred loans. He said that the recovery should be spread over 7 to 10 years. He appealed for the extension of Central Information Desk (CID) reporting to 270 days and to loosen the burden on export industry.

Fibre2fashion News Desk - India

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