MULTAN, March 25th: Renowned Industrialist , Ex-President of Chamber of Commerce & Industry Multan & Dera Ghazi Khan and Director of Mehmood Group of Industries has sent a letter to Prime Minister's Advisor for Finance Dr.Hafeez Shaikh and Governor State Bank of Pakistan (SBP) Reza Baqir Zaidi and said that Government should announce a bailout package for Textile Industry as the current epidemic of Coronavirus (COVID-19) has given quite a massive jolt to the economies and to the industries that is affecting the world with every passing day. Since you know that textile is one of the major contributing sectors in the economy of Pakistan along with a large volume of exports. Ministry of Finance has always been anticipative and taken initiatives by going an extra mile through your dedication and commitment. In this scenario we are looking towards your leadership in crucial time. I would like to request following considerations in order to cope up the current epidemic situation:
1.
The quarterly markup which is due in March shouldn’t be recovered as this would help us support our human resource structure
2.
Export forward bookings should be closed on the rates they were booked
3.
Foreign Exchange loans should be close on the rate it was borrowed without export performance
4.
Grace period of one year must be granted against the Principal and mark ups on the long-term loans.Stressing the need for immediate revival of industry and save the jobs of millions of people,he said It is very important in this situation to maintain the deterrent level of all the systems to avoid any financial collapse that won’t be possible to achieve without the support of the Government.He asked to put forward the said considerations with the relevant stakeholders to mitigate the effects of this issue.
