PM urged to order implementation of exports package

LAHORE: Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) has urged Prime Minister Shahid Khaqan Abbasi to issue directives for early release of funds and implementation of the Prime Minister Export Package announced by the government, a statement said on Thursday.
Prgmea (North Zone) Senior Vice Chairman Sheikh Luqman Amin denounced the finance ministry and the Federal Board of Revenue for delaying the export package and proposed the government to release funds to the central bank for disbursement of duty drawback to the exporters, as only the immediate payment of all outstanding refunds of sales tax would save the industry.
The ministry of textile industry had already notified the revised PM's package for exporters immediately after the approval by the Economic Coordination Committee (ECC), but the finance ministry has been using delaying tactics, amid record high prices of yarn in the country.
Amin lamented that the value-added textile exporters are battling for their survival in the global market in the face of severe competition with the regional countries. He termed stuck up funds main cause of continuous drop in exports.
The government’s initiative, if implemented timely, will surely provide relief to the exporters who are facing severe liquidity crunch. He; however, made it clear that these measures are short-term solution, as the government would have to provide conducive environment by reducing the cost of inputs to achieve export targets.
Prgmea hopes the government will fulfill its commitment to restore the confidence of the exporters before the collapse of the industry, Amin added. He also asked the government to honour its pledge to clear pending tax refunds of exporters, without any further delay.