Home / Knowledge / News / Textiles / Govt urged for early release of bailout package

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


Must ReadView All

Pic: UKFT

Textiles | On 6th Apr 2020

UK extends COVID-19 business interruption loan scheme

The UK Fashion & Textile Association (UKFT) has announced that the...

Pic: Shutterstock

Apparel/Garments | On 6th Apr 2020

GMAC urges buyers to fulfil purchase contracts

The Garment Manufacturers Associations in Cambodia (GMAC) has...

Pic: Shutterstock

Information Technology | On 6th Apr 2020

Odd Concepts attracts funds despite Covid-19 crisis

Odd Concepts, an AI-based fashion tech company, has been able to...

Interviews View All

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Anvita Mehra, Confidential Couture

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Dejan Lalevic,

Dejan Lalevic

Mesdan SPA, a subsidiary of Italian firm Savio Macchine Tessili,...

Lukas Hartmann,

Lukas Hartmann

Intex Consulting GmbH is a completely integrated enterprise resource...

Karen Lou,

Karen Lou

Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search