Unwelcome: Tanners oppose increase in refinance rate

KARACHI: Pakistan Tanners Association (PTA) Chairman Khurshid Alam has opposed a 100-basis-point increase in the rate of refinance under the Export Finance Scheme as well as rise in petroleum product prices.

In a statement issued on Saturday, Alam said many factories and tanneries have been shut down owing to high production cost and unfavourable business environment.

“All these factors are causing unemployment as more than 500,000 people, who are directly or indirectly employed in the leather industry, have been affected,” he said.

Alam appealed to the government to save the leather industry from collapse and withdraw the increase in refinance rate and fuel prices to provide a level-playing field to businesses which would enable them to strengthen the economy and exports, which were declining.

Published in The Express Tribune, January 2^nd, 2011.