ISLAMABAD: All Pakistan Textile Mills Association (APTMA) has rung alarm bells on economic crisis in textile industry, saying nearly 60 percent of industry is on verge of closure. APTMA Parton in Chief Dr Gohar Aijaz wrote letter to Prime Minister Shehbaz Sharif voicing their concerns regarding issues faced by textile industry.

In letter, APTMA said industry is on verge of closure due to extreme liquidity crunch. Country's exports are plummeting and government has suspended 72-hour tax refunds too, he added. He added that demand destruction at onset of recession in export destinations, abandonment of FASTER system commitment to pay refunds within 72 hours and foreign buyers extending their payment period against shipments are causing liquidity crunch. APTMA has held series of meetings with Ministry of Finance, Ministry of Commerce, and FBR since June 2022 discussing restoration of SRO 1125 (zero rating).

Published in The Daily National Courier, November, 22 2022

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