The Advisor to the Government of Pakistan on Textile Industry, Dr Mirza Ikhtair Baig has categorically denied that export refinance facility part II is being misused for investments other than exports.
Discussing the State Bank of Pakistan (SBP)'s 100 percent export refinance facility part I and II with the Advisor on Finance, Shaukat Tarin and SBP's Executive Detector, Riaz Riazuddin, he said that textile industry is already in crises and any change in the facility, will seriously affect its exports.
However, he agreed that strict procedure might be laid down concerning documentation of export refinance facility part II stressing that the facility is to be used only for export purposes. Dr Baig also explained that an exporter has to export double amount of the export refinance facility availed. -PR
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