Pakistan to import cotton from India? Textile exporters demand PM Imran Khan
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Islamabad, Mar 15: As the unavailability of cotton yarn in Pakistan continues to rise, the country's textile exporters association has urged Pakistan PM Imran Khan to allow import of cotton yarn from India to ensure continuity in growth of export. According to the statement of Muhammad Ahmad, Chairman Pakistan Textile Exporters Association (PTEA), "In order to overcome the scarcity of basic raw material, the govt should allow the cross-border import of cotton yarn from India to ensure continuity in export growth."
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According to the statement of Khurram Mukhtar, Patron-in-Chief PTEA, the prevailing conditions have driven concern over undue delay in disbursement of exporters' Duty Drawback of Taxes and Income Tax refunds, which is over Rs 50 million, as exporters' liquidity had already taken a strong negative hit in Pakistan from COVID 19. He further added, "The govt must take immediate measures to ease off the financial stress and gear up the export growth."
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Saqib Majeed, Vice Chairman PTEA, shared the view that undue delay in the approval of the Textile Policy was resulting in deferral or even backing out possible investments in the textile chain. Pakistan's foreign debt and liabilities have mounted by USD 3 billion or 2.6 per cent during the six months period ended in December last year, the central bank's data showed last month.
Reports as per the State Bank of Pakistan's records suggest that till December, external debt and liabilities of the country totaled USD 115.7 billion compared to USD 112.7 billion by the end of June. The total external debt and liabilities were USD 110.7 billion till Dec 2019.
