Aptma demands immediate rescue measures

All Pakistan Textile Mills Association (Aptma) has demanded immediate rescue measures to save the textile industry from total collapse due to negative impact of coronavirus.
Zahid Mazhar, Chairman Aptma Sindh-Balochistan Region appreciating all the positive steps of the provincial and federal governments to control mass spread of coronavirus pandemic has assured full support to the efforts and measures.
He said that due to drastic slowdown of domestic as well as international markets and delay in receipts from them in addition to cancellation of export orders even from big organizations and large-scale buying houses, the export oriented textile industry is facing worst-ever liquidity crisis.
He said the coronavirus pandemic is having extremely negative impact on Pakistan's economy. Though the government has taken certain positive steps such as deferring loan repayments and speeding up refunds but it will fall far short of keeping the industry afloat, he said and added that however, drastic situation needs drastic measures to be taken to save the export oriented textile industry from the negative economic impact of COVID-19 as it has started showing adverse impact on exports.
He demanded of the government to provide immediate relief in the best interest of industry, economy and the people as the impact of slowing of economy and lockdown can only be shielded by the industry for a month or two beyond which there will be no capacity to retain workers leading to massive unemployment.
Aptma Regional Chairman also emphasized that currently there is an acute shortage of liquidity and it is impossible for the mills to pay the utility bills. He requested the government to come to the rescue and immediately announce the deferment of payment of gas and electricity bills by the industry for a period of at least one month.
He further demanded deferment of payment of interest on short term loans for at least three months and also pointed out the dire need to immediately bring down the rate of interest to 5 percent.
He requested the government of Sindh to allow running of those textile mills which have labour residing within their residential colonies as well as those export oriented units which have export orders in hand.
Mazhar said that the present situation needs special attention of the government to address problems of textile industry like the support extended by government of Bangladesh to its export sector which has taken various measures to meet the shortage of liquidity created due to the consequences of COVID-19 pandemic.