Release stuck up DDT & DLTL to save industry from fiscal crunch- Syed Aasim Shah

MULTAN, Dec 28th: The business community has urged upon the Government to save the textile relating industry of monetary crunch by making payments of their refund claims as Billions of rupees of exporters in DDT and DLTL has been stuck up with the government causing great sufferings to the already burdened exporters who are now at a loss to understand how to make both ends meet and such an alarming situation will ruin the export business of the Value Added Textile Exporters.
Syed Muhammad Aasim shah former vice  President of FPCCI &  senior member ,  Alliance of  value added textile sector said that nonpayment of DLTL and DDT claims of exporters is causing uncertainty among the textile sector of Pakistan and it is quite obvious from the stagnant export figures. He said that it’s been four months  since incumbent Government is in power but no concrete efforts are made for the payment of pending claims under textile policy 2009-14 and Textile Policy 2014-19 but rhetoric instead.
The government, he said, has not given any firm commitment to release DDT and DLTL claims, adding that "the previous government has released Rs 32.18 billion in respect of payment of DDT under PM Export Package and DLTL Claims under Textile Policies of 2009-14 and 2014-19". The incumbent government has not released a single rupee until today, he said.
He said that due to stuck claims of over 80 billion rupees with the Government under DLTL and DDT  claims pop Prime Minister scheeme , the exporters are facing severe financial crunch.  He further said that the liquidity issue is getting even more severe with ever rising interest rates. Syed Muhammad Aasim Shah former VP Federation of Pakistan Chamber of commerce & industry  further emphasized that due to financial restraints the production is compromised to the extent of missing the shipment date promised thus exporters are reluctant to take new orders.
Ex-Chairman of APBUMA said that Government has to honor its commitment with the textile sector to increase exports to overcome current account deficit and release payment to exporters otherwise economic conditions will further worsen due to decline in exports. He informed that Pakistani exporter are about to participate in Heimtextil Fair in next month of January 2019 and take orders international buyers. He feared with these conditions and financial distress Pakistani exporters will not have confidence to take extra orders. He showed his disappointment with the approach of the Government.
Syed Muhammad Aasim Shah hoped that the federal Government sensing the gravity of the issue will release funds for the pending claims under various drawback schemes and will help restore the confidence of the exporters.
He articulated that Value Added Textile Export Sector is the backbone of Pakistan’s economy earns major amount of foreign exchange and revenue for the Government. Besides, the sector is also labour-intensive and largest employment provider and generator. He said that Value Added Textile Exporters were battling for their survival in the global market due to costly inputs and high cost of manufacturing.