The Pakistan Textile Exporters Association has urged the State Bank of Pakistan to immediately disburse the remaining 60 percent R&D claims of textile exporters now that the State Bank has received Rs 5 billion from the Ministry of Finance under this head.
Khurram Mukhtar, Chairman and Sohail Pasha Vice Chairman of the association, talking to newsmen, said here on Friday that the procedure for disbursement of remaining 60 percent R&D claims was already finalised and available with the bank.
The exporters are already facing liquidity crunch due to expensive commercial credit, they said, and added that 60 percent R&D claims were pending disbursement over the last one year and exporters were expecting this blocked amount to be available for expanding their business turnover.
They said that earlier whenever State Bank of Pakistan was approached it was taking the plea that the Ministry of Finance had not released the necessary funds for disbursement and as soon as the funds were made available, it would immediately start disbursement.
Now that requisite funds have reached the bank, it should facilitate the exporters to cover their raw material purchases for export, they said. The PTEA chairman and vice chairman requested State Bank of Pakistan authorities to urgently disburse the pending 60 percent R&D claims enabling the exporters to boost the sagging textile exports of the country.