Payment of wages to workers: TMAP lauds SBP decision regarding soft loans

Towel Manufacturers Association of Pakistan (TMAP) on Sunday said the State Bank of Pakistan's (SBP) announcement regarding soft loans for payment of wages to workers during the pandemic layoff and recession is very timely and correct steps to save industry and the jobs of workers.

The Chairman TMAP Tahir Jahangir said, "We are grateful for this measure and will try to put it to best use. We would be grateful if we can protect our workers from hardship, and our companies from closure."

"We hope that the commercial banks will implement the scheme in the same spirit," he added.

We hope that the banks will not create impediments in its quick implementation. For speed is the essence and April salaries will have to be paid early as the Holy month of Ramzan will start around the 25th of this month.

Most families like to buy their provisions before the start of the Ramzan so that they can fast comfortably.

"We hope that the banks will not hold off provision of these loans to companies demanding fresh collateral," Jahangir said. If that happens then the implementation of the scheme will be delayed for months or it may not get implemented at all.

Similarly extra stringent rules and regulations may thwart quick utilisation of these funds.

"We hope the State Bank and the commercial banks will ensure quick implementation," chairman TMAP concluded.