Textile markers, exporters seek PM’s help for funds release

ANWAR KHAN

KARACHI: The Textile markers-cum-exporters have sought the prime minister’s help for funds release under the TUF Scheme of Textile Policy 2009-2014, saying that the investors have not received any claims for the last two years despite following the procedures.

In a letter to the Prime Minister, Chairman, Pakistan Apparel Forum, Muhammad Jawed Bilwani has asked for an immediate released of the all sanctioned funds under both textile policies – 2009-14 and 2014-2019 to help underpin exporters amid their liquidity crisis.

“Initially, TUF Scheme was provided under Textile Policy 2009-2014 vide Notification of Ministry of Textile Industry on 5th April 2010 for the period 1st Sep, 2009 to 30th June, 2014 and allocated an amount of Rs42.5 billion and SBP issued procedure and instruction at a belated stage on 30th Aug, 2012, announced after 2 years approx. and deadline for submitting claims was 31st August, 2015,” according to the letter also provided to Business Recorder on Thursday.

Consequently, it said, the exporters timely submitted their claims to the SBP for markup and investment support, while, officials of the Textile Ministry carried out physical inspections of their units. “After a passage of 2 years 7 months exporters still have not received claims amounts as SBP is still waiting for funds of TUF Scheme under Textile Policy 2009-2014 to release,” it added.

Exporters made heavy investments to upgrade their industrial units on the promises of government but failed to find any financial tranches that brought dissatisfaction to the textile makers. “On the announcement of TUF Scheme and promises made by the Government, it is also noted with utmost surprise that scheme completed on specified time but funds were not released as per the commitment of the Government,” the letter said.

“In view of the above, we most earnestly request your Excellency to issue directives to the Ministry of Textile Industry to revise the period of application of TUF Scheme under Textile Policy 2014-2019 and provide this support for complete five years from 1st July, 2014 to 30th June, 2019,” it appealed.