Korangi Association of Trade and Industry (KATI) on Tuesday said that allocated funds for export packages were not disbursed as promised while exports sector facing worse challenges.
In a joint statement, President KATI Masood Naqi, Senior Vice President Ghazanfar Ali Khan and Vice President of the association Umer Rehan also expressed concern over falling exports. President KATI Masood Naqi said, "According to the media reports during last nine years only 11 percent of allocated funds for exports packages was disbursed while current and former governments allocated Rs 348.6 billion in total and only Rs 38 billion were disbursed". He said, "The incumbent government announced Rs 80 billion under Textile Policy 2014-19 and only 2.5 or 3 billion were disbursed amonng exporters during 2015-16". He said, "Recently government launched an incentive package for exporters which allows exporters to receive 4-7 percent duty drawbacks against export proceeds, but the package has so far received only Rs 3 billion only." Masood Naqi also said, "Refunds issue is yet to be solved since years. Country is facing worse decline in exports sector. Keeping this in view, all the promises should be materialized by government on war footing condition". The business leaders urged the government to disburse allocated funds for exports package immediately.
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