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Support assurance to textile industry by SBP

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Governor State Bank of Pakistan, Mr. Ashraf Mahmood Wathra said that the central bank will extend all kind of support to stakeholders of the textile industry of Pakistan. The statement was given in a meeting of Santé Standing Committee on textile that was held in SBP headquarters to address the major problems that are currently on hands of textile industry.

The meeting was also attended by official representatives from all the major banks. Mr. Wathra also asked these official representatives to play their role in the restoration of textile industry by prolonging loans to the textile exporters. He said that it is the moral duty of the entire business community to bring back the foreign liquidity and assets in the country in order to support the textile industry.

Senator Nihal Hashmi said that the government is not able to bail out the textile industry in addition to the fact that private sector must prolong the financial support to the textile industry.

Addressing the concerns of the banking sector, the CEO of Habib Bank Mr. Nauman Dar said that the textile industry must prove the competitiveness if it is seeking of rate banking sector to help them rescue. He also added that the government must announce subsidies for the exporters.

The chairperson of the committee, Mr. Mohsin Aziz brought in light the significance of the textile industry in supporting the economic stability in the country. He also said that the sustainability of textile industry ensures the optimum benefits and employment in the agriculture sector.

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