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APTA & Bank members to meet tomorrow
12 Sep '07
1 min read
All Pakistan Textile Association (APTA) had recently presented a proposal requesting two-year moratorium on payment of outstanding loans to banks for textile industry. This move had been taken because reportedly the banks have been reluctant to extend fresh credit. Advisor to Prime Minister on Finance Dr. Salman Shah had agreed to consider this proposal seriously.
Official sources informed Fibre2fashion that a formal meeting had been scheduled for tomorrow in Karachi. He said, “Total 5-6 members will represent APTA at the meeting where officials from several banks including nationalized Bank of Punjab and National Bank of Pakistan will be present.”
Source informed that the issues to be discussed will revolve around long term plan of 2 years Moratorium on Payment of Outstanding Loans.
He further confirmed that this move had become a necessity as over 190 textile mills had been forced to close down and the situation was getting worse.
A request will be made for short term payment plan for cotton sector alone.
Official sources informed Fibre2fashion that a formal meeting had been scheduled for tomorrow in Karachi. He said, “Total 5-6 members will represent APTA at the meeting where officials from several banks including nationalized Bank of Punjab and National Bank of Pakistan will be present.”
Source informed that the issues to be discussed will revolve around long term plan of 2 years Moratorium on Payment of Outstanding Loans.
He further confirmed that this move had become a necessity as over 190 textile mills had been forced to close down and the situation was getting worse.
A request will be made for short term payment plan for cotton sector alone.
Fibre2fashion, News Desk - India
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