PRGMEA Urges Direct PM Intervention For PM Package Release
The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has urged Prime Minister Shahid Khaqan Abbasi to personally direct an early release of funds to implement the prime minister’s export package announced earlier as non-payment of refunds and a sharp rise in cotton yarn prices have adversely hit the value-added textile industry.
Criticising the finance ministry and the Federal Board of Revenue (FBR) for delaying the PM export package in a statement issued last week, PRGMEA’s senior vice chairman Sheikh Luqman Amin urged the government to release funds to the central bank for disbursement of duty drawback of taxes to the exporters, according to a Pakistani newspaper report.
Terming funds blockage as the primary reason behind the continuous drop in exports, he said the exports sector was unable to tap its potential as per its capacity.
However, the government needs to provide a conducive environment by reducing cost of inputs to achieve export targets as these measures are short-term solutions, he said