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Pakistan senate urges banks to rehabilate textile industry

State Bank of Pakistan (SBP) Governor Arshad Wathra on Tuesday reiterated the government’s resolve to revive the textile industry and pledged explicit support for all the stakeholders. He was addressing the Senate Standing Committee meeting on Textile Industry.

He asked the representatives of the banking sector to play their due role in rehabilitating the textile industry by extending loans to the exporters. He further said that it was a moral responsibility of the entire business community to bring back their foreign assets and liquidity so that the alarming situation of the textile industry could be neutralised. The meeting was held to highlight the problems duly faced by the textile industry in the country and proposals for its sustainability.

One of the members of the committee, Senator Nihal Hashmi, drew the attention of the members to the monopoly of private banks in terms of advancement of loans and urged that private banks should have been stringently regulated by the SBP. He further said that the government alone would not be able to bail out the textile industry. Rather the private sector would also have to come forward and extend financial support to the textile industry.

Expressing the concerns of the banking sector, Nauman Dar, the representative of the Habib Bank of Pakistan, said that the textile industry would have to prove its competiveness if they seriously expect the banking sector to come for their rescue. He further said that the government would have to offer subsidies to the exporters. Expressing his optimism about the future and potential of the textile industry in Pakistan, he said that the textile industry in the country was not dead.

In his concluding remarks, Senator Mohsin Aziz, Chairman Senate Standing Committee on the Textile Industry, highlighted the significance of textile industry in the economic stability of a country and the role of banking sector in its sustainability. He said that a sustainable textile industry ensured employment and optimum benefit to agriculture sector of a country.