On Monday, representatives of value-added textile associations expressed their disappointment with the government’s lack of response to the challenges the textile industry is facing.
At a joint press conference, Pakistan Apparel Forum Chairman Jawed Bilwani declared, “The value-added textile exporters are deeply shocked and totally disappointed with the sitting government for its inattention, non-seriousness, indecision, and lack of vision to take the country out of the worst economic crisis.” They stated that they were unable to import basic raw materials and accessories worth as little as $5,000 because letters of credit (LCs) were not opened.
Because of this, they were having a lot of trouble completing their export orders, each of which was worth $500,000. Additionally, some of their orders had been canceled as a result.
Bilwani remarked that it was amusing that the State Bank of Pakistan (SBP) had kept the exporters, who brought in dollars for the nation, in third place while placing the first and second-highest spending foreign exchange sectors.
Recently, the SBP provided a list, and the central bank instructed banks to prioritize certain commodities for import. The primary priorities were listed as food and energy.
“The current government has performed quite poorly over its nine-month term. The two finance ministers that were selected at this time failed to deal with and end the crisis, he added.
Bilwani remarked that it was really regrettable that neither the prime minister nor the finance minister had time to meet with the exporters.
Tahir Jahangir, the chairman of the Towel Producers Association, brought up the issue of the slow fulfilment of textile manufacturers’ applications for sales tax refunds.