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Govt urged for early release of bailout package
31
May '10
Botswana Confederation of Commerce Industry and Manpower (BOCCIM) has requested the government to immediately release the bailout funds, which were kept aside to salvage the debt-ridden textile industry.

The industry dreads that, with the delay of release of the stimulus package, the industry might not be in a position to revive itself from the global economic meltdown, informed, Modiri Mbaakanyi, BOCCIM Chairman, during a meet at the High Level Consultative Council.

Although, government's efforts of reviving the textile industry by releasing P30 million stimulus package is well appreciated by BOCCIM; disappointment continues to reign over the textile industry, due to government's lackadaisical approach towards releasing the funds. Mbaakanyi fears that, by the time the textile industry receives the money, it might be too late.

Government's rescue plan for the sick textile industry is aimed at protecting jobs of thousands of employees. Through the bailout package, government is likely to pay half of each worker's salary and will also be an underwriter for the firms' loans.

Botswana's sick textile industry was destroyed due to world economic downturn and the stimulus package was to be implemented during early 2010 to rescue the same.

More so, the industry also faces tough competition from India and China who are offered better refunds as also having an advantage of low-cost labour and efficient operations.

Fibre2Fashion News Desk - India

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