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Minister seeks bailout package for textile sector

21
May '10
A loan rescheduling bailout package for the Pakistani textile industry has been requested by the Federal Minister for Textile Industry, Rana Farooq Saeed Khan.

He has also demanded from the National Assembly Standing Committee on Textiles to invite the Governor State Bank of Pakistan and all other commercial bank Presidents to undertake this rescheduling of loans so as to rescue the sector from the ongoing financial crisis.

The proposal for allowing hedging of cotton is with the Ministry but the final decision regarding this proposal will be taken up after due negotiations with all stakeholders, informed the Minister.

He further informed the committee that, cotton yarn was exported in abundance to foreign markets due to customs authorities, and also the country's current yarn crisis was affecting the value-added textile sector.

Textile sector of Pakistan has the potential to bail out country from the current economic meltdown, observed the Minister.

Fibre2Fashion News Desk - India


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