APTMA leaders call IMF package ‘catalyst’ for economic reform

LAHORE: The All Pakistan Textile Mills Association’s (APTMA) Patron-in-Chief Gohar Ejaz described the IMF package as an opportunity for Pakistan to implement institutional reforms and significantly reduce electricity tariffs and interest rates at a press conference at the APTMA House, Lahore.

During the event, Ejaz and members from along with the newly elected Punjab body said that increasing exports is key to tackling poverty, unemployment and inflation.Gohar, while congratulating the newly elected officials of APTMA, noted that the inflation rate has been controlled and we have reached ground zero. “Now, we have to take off from here. Our textile industry has the capacity to generate $36 billion annually, and we must ensure the provision of electricity at nine cents at all costs,” he said.

Chairperson of APTMA Punjab Kamran Arshad added that the IMF programme is likely to be beneficial for economic recovery. “If given facilitation, the APTMA will bring foreign exchange into the country.” APTMA leaders congratulated the army chief and the prime minister for securing the IMF programme, asserting that industries should operate, not shut down. “The next three years will be years of development for Pakistan.” APTMA leaders highlighted that textile exports currently stand at $16 billion, with $10 billion coming from APTMA members. They revealed that 80 per cent of value-added products fall within textiles, adding that if garments and fabrics are produced from exported yarn, an additional $10 billion in exports could be achieved. They claimed that exports could reach $30-36 billion annually if electricity rates are reduced to nine cents. They also called for further reductions in interest rates and urged independent power producers (IPPs) to forgo capacity charges.

The leaders said that exports could increase by $6 billion, potentially reaching $36 billion in a single year, helping the country eliminate costly short-term foreign loans. Gohar also supported the army chief’s remarks about the need to curb theft. Finally, he stressed the importance of systemic reforms and corrections to the economic agenda to ensure sustainable growth.