KARACHI: All Pakistan Textile Mills Association (APTMA) has demanded the government of granting deferment of utility bills and interest payment against loans as industry was facing acute liquidity shortage.
APTMA Chairman Zahid Mazhar emphasized that currently there is an acute shortage of liquidity and it is impossible for the mills to pay the utility bills.
He requested the government to come to the rescue and immediately announce the deferment of payment of gas and electricity bills by the industry for a period of at least one month.
He further demanded deferment of payment of interest on short term loans for at least three months. He also pointed out the dire need to immediately bring down the rate of interest to 5 percent.
Zahid Mazhar, appreciated all the positive steps the provincial and federal governments have under taken to control wide spread of Coronavirus (COVID-19) Pandemic and to combat its adverse impact.
He said that due to drastic slowdown of domestic as well as international markets and delay in receipt of payment from them in addition to cancellation of export orders even from big organizations and large scale buying houses, export oriented textile industry is facing worst ever liquidity crisis.
He said the Coronavirus (COVID-19) Pandemic is having extremely negative impact on Pakistan’s economy. Though the government has taken some positive steps like deferring loan repayments and speeding up of refunds but it will fall far short of keeping the industry afloat.
He further said that drastic situation needs drastic measures to be taken to save our export oriented textile industry from the negative economic impact of Novel Coronavirus (COVID-19) as it is showing adverse impact on exports.
He demanded the government to provide immediate relief in the best interest of industry, economy and the people as the impact of slowing of economy and lockdown can only be shielded by the industry for a month or two beyond which there will be no capacity to retain workers leading to massive unemployment.
He requested the Government of Sindh to allow running of those textile mills which have labour residing within their residential colonies as well as those export oriented units which have export orders in hand.