“Regarding the functioning of the domestic textile industry, the Governor of the State Bank of Pakistan Dr Shamshad Akhtar is recently reported to have conveyed to the Economic Co-ordination Committee (ECC) of the cabinet that the large research and development (R and D) founds totalling Rs 40 millions had been misused by the industry. Moreover, the State Bank of Pakistan and the commercial banks reportedly provide Rs 273 billions under the Export Refinance Scheme (ERS) at concessional rates of interest to the exporting sectors of the textile industry, which is a very large assistance to the industry. In reply to this allegation, leaders of several sectors of the textile industry have criticised the State Bank Governor by not only denying the charges but also claimed that the government response to their problems was slow and that any facility to the textile industry has to be compared with the export promotion measures being given by other governments in the region. “Source: Business Recorder”
Date:5/12/2008
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