In Pakistan, textile mills demand suspending loan repayment amid pandemic fears

APTMA asks govt to come up with a clear SOP for resuming industrial production and protection of jobs

LAHORE: All Pakistan Textile Mills Association (Aptma) Punjab Chairman Adil Bashir has demanded that the central bank freeze the interest cost of loans in order to help industrial units survive in these difficult times.

In a statement, Bashir urged the State Bank of Pakistan (SBP) to issue directives to banks for suspending the receipt of interest on long-term and working capital loans for a period of three months starting April 2020.

“The Rs100-billion relief announced by the prime minister can be utilised to bear this cost,” he added.

Furthermore, he asked the government to make arrangements for postponing the payment of all loan installments for a period of one year and come up with a clear standard operating procedure (SOP) for resuming industrial production and protection of jobs.

He proposed the setting up of monitoring committees at the district and provincial levels to monitor production activities at textile mills.

Published in The Express Tribune, April 3^rd, 2020.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.