PRGMEA seeks changes in regulations
FIle photo: Children garments prepared by female tailors of the Bazaar. PHOTO: AYESHA MIR/EXPRESS
Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Regional Chairman Adeeb Iqbal has appealed to the State Bank of Pakistan (SBP) to stop issuing show cause notices to exporters for not realising their exports’ proceeds due to the global outbreak of Covid-19.
In a statement issued Monday, Iqbal observed that the show cause notices by the central bank have triggered resentment and unrest among the value-added textile exporters, who are already facing severe liquidity crunch due to non-payment by the international buyers for indefinite period amidst post-corona economic slowdown.
He demanded that the central bank make amendments in foreign exchange regulations in the wake of the emerging circumstances and allow extension in the realisation period beyond six months from the date of exports shipment.
The PRGMEA regional chief said that the apparel industry has the status of Pakistan’s top national industry as it provides jobs to millions of workers directly and indirectly, in addition to earning billions of dollars foreign exchange for the national exchequer.
Iqbal suggested that to keep the industry alive, cash flow is the key and the government will have to step forward to support the export-oriented industry.
Published in The Express Tribune, October 27th, 2020.
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