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Home / Knowledge / News / Textiles / PCGA accuses IMF of stalling cotton purchases by TCF

PCGA accuses IMF of stalling cotton purchases by TCF

24
Nov '08

According to the Pakistan Cotton Ginners Association (PCGA), IMF conditions are coming in the way of government's decision to allow Trading Corporation of Pakistan (TCP) to purchase cotton.

Fibre2fashion spoke exclusively to Mr Chaudhry Muhammad Akram Jatt, President of PCGA who said, “In a report prepared by the Planning Commission to be submitted to the Prime Minister, support prices of key commodities including that of cotton are missing.”

He added by saying that “A meeting has been called on 25th November, 2008 wherein, the Ministry of Textile will head the meeting. Apart from it Chairman TCP, Secretary of Textile, Secretary of Finance and the Minister of Textiles will be taking part in the meeting.

“Main purpose of the meeting is to fixe the rate for purchase of lint. The TCP will purchase cotton on behalf of the government from cotton ginners & to give targets to TCP for procurement of lint cotton. Rs 5 billion has been transferred in to the account of TCP and Ministry of Food Agriculture and Livestock (MINFAL) has announced support price of cotton at Rs. 1465 per 40 kg.

He was very categorical when he said “No interference from IMF will be allowed.”

Fibre2fashion News Desk - India

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