Governor of State Bank of Pakistan Dr Shamshad Akhtar has assured that plea of Cotton Ginners & Oil Millers regarding rescheduling of debts would be considered sympathetically and on top priority basis. Talking to a three-member delegation of Pakistan Cotton Ginners Association (PCGA) headed by its Chairman Suhail Mehmood Haral, she said.
The SBP was providing all available facilities and concessions to industrial, agricultural and trading sectors so that they could play their vital role in promoting country's economy.
She stressed the need for modernisation of ginning industry and packing of contamination free cotton to facilitate the textile sector. Pakistan was one of the major cotton growing countries, which had a potential to increase the production to 15 million bales, she observed.
The delegation requested the governor to ask the commercial banks to reschedule their loans because cotton oil-cake crisis had broken their back and they are unable to pay loans as per agreement. The crisis had equally affected the cotton ginners as well as oil mill owners.
The SBP chief asked them to submit a detailed report so that she could talk to the heads of financial institutions and banks. She further said that PCGA and All Pakistan Oil Mills Association (APOMA) shouls submit their proposals and recommendations to resolve the existing crisis.
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