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Business

July 11, 2018

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State Bank asked to expedite export refund payments in Sialkot

LAHORE: Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) on Tuesday urged the State Bank of Pakistan (SBP) to resolve the issue of delayed payments of refunds particularly to textile exporters at its regional branch in Sialkot.

“That particular branch is favouring other sectors and victimising the exporters of textile apparel industry, who have not been paid even refunds under the previous Prime Minister’s export incentive package,” Sheikh Luqman Amin, senior vice chairman PRGMEA alleged in a statement.

“The central bank’s regional office is presently scrutinising the cases after two years of submission and raising the unjustified objections.” Amin urged Tariq Bajwa, the SBP governor, to direct the branch offices for early release of refund amount, as the delay had blocked more than 30 percent of the cash flow, damaging the liquidity adversely.

“The SBP governor should look into the matter and give the exporters an easy way for getting this oxygen support announced in the shape of export package by the last government,” he said.

He said the major amount of the previous Rs180 billion export package, processed from January 2017, had not been received by the value-added textile exporters. The PRGMEA leader said the central bank should also take steps for the removal of hurdles hindering exports of textile sector.

“Amid this financial crunch the value-added products are unable to fetch a high value mainly due to lack of serious cash flow,” he said. He observed that the industry had been competing in the global market without any support or a proper plan, while major competitors like India and China were utilising all channels and resources.

He said value-added textile exporters had held several meetings with the officers of the said branch but they were not ready to give any relief to exporters. “The SBP should clear the cases according to the rules and regulations in their true spirit,” Amin said.

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