Plea: Textile industry demands loan rescheduling

Aptma Chairman underscored the need for rescheduling of loans and providing 50% rebate on mark-up for long-term loans


Our Correspondent February 24, 2012

LAHORE:


The textile industry, badly hurt by electricity and gas shortages, has asked the government to announce a relief package, including rescheduling of loans which are difficult to service following a decline in production and exports.


All Pakistan Textile Mills Association (Aptma) Chairman Mohsin Aziz has underscored the need for rescheduling of loans and providing a 50% rebate on mark-up for long-term loans to avert large-scale closure of the industry.

He said the textile industry, particularly of Punjab, had experienced a sharp drop in exports as well as production for the last two quarters. “The whole industry is facing an acute financial crunch and is unable to repay loans to banks,” he added.

According to Aziz, non-performing loans of the textile industry surged to Rs188 billion in September 2011 compared to Rs171 billion in December 2010.

Published in The Express Tribune, February 25th, 2012.

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