Pakistani textile industry obtains 176 billion rupees export financing

by:JIYALI     2021-08-14
According to the Export Financing Arrangement (EFS), the National Bank of Pakistan and the Commercial Bank of Pakistan provided 273 billion rupees for all eligible export companies in the first three quarters of fiscal year 2008, of which 176 billion rupees, or 65%, were provided to textile companies with an interest of 7.5 %, lower than the current Karachi 6-month Interbank Offered Rate (KIBOR) 10.32%.   In the same period of fiscal year 2007, textile companies also received funds of the same scale. Textile companies also obtained long-term loan financing of Rs 4 billion in the same period, with interest rates ranging from 6 to 7%, even lower than the EFS interest rate. The National Bank of Pakistan also approved 8 billion rupees in accordance with the newly announced Long-Term Financing Facility (LIFF) for the expenditure of textile companies from January to June 2008.   Textile companies have already received these funds. From fiscal year 2003 to fiscal year December 2007, Bank Negara provided funds to textile companies under the EFS arrangement of 89,75 billion rupees, with interest rates lower than the current market interest rates. In addition, from May 2004 to February 15, 2008, according to the Long-Term Financing Arrangement for Export Projects (LTF-EOP), textile companies received 54 billion rupees, with an interest rate of 6% or 7%, and the loan was used for up to 7 years Half.   The governor of the National Bank of Pakistan said at a meeting held by the Pakistan Federation of Industry and Commerce (FPCCI) that the facts stated above are sufficient to overwhelm the one-sided opinion of the news media, and the National Bank refused to continue to provide low-interest financing assistance to the textile industry.   The National Bank explained that monetary tightening is to control macroeconomic imbalances and reduce inflationary pressures. The textile industry has always been the main beneficiary of the National Bank’s incentive policies.
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