Pakistan Textile Industry Gets 176 Billion Rupees Export Financing
According to the export financing arrangement (EFS), the Pakistan state bank and commercial bank provided 273 billion rupees for all eligible export enterprises in the first three quarters of fiscal 2008, of which 176 billion rupees or 65% were provided to textile enterprises with interest 7.5%, lower than the 6 month interbank offered rate (KIBOR) 10.32% of Karachi.
In the 2007 fiscal year, textile enterprises also received the same scale of funds. Textile enterprises also received long-term loan financing of 4 billion rupees in the same period, with interest rates at 6-7% or even below EFS interest rates. The National Bank of Pakistan also approved the 8 billion rupee for the -6 month of textile enterprises in January 2008 according to the newly announced long-term financing facility (LIFF).
Textile enterprises have already obtained these funds. In the 2003 fiscal year to December fiscal year 2007, the state bank provided 897 billion 500 million rupees for textile enterprises under the EFS arrangement, and the interest rate was lower than the current market interest rate.
In addition, from May 2004 to February 15, 2008, according to the long-term financing arrangements for export projects (LTF-EOP), textile enterprises received 54 billion rupees, the interest rate was 6% or 7%, and the loan was used for 7 and a half years.
Speaking at the meeting of the Pakistan Federation of Commerce and industry (FPCCI), the president of the State Bank of Pakistan said that the above statements were enough to overwhelm the one-sided public opinion in the news media, and the national bank refused to continue to provide low interest financing assistance to the textile industry.
The State Bank explains that tightening monetary policy is aimed at controlling macroeconomic imbalances and reducing inflationary pressures. The textile industry has always been the main beneficiary of the incentive policy of the state bank.
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