PAKISTAN HOSIERY MANUFACTURERS & EXPORTERS ASSOCIATION

(S/B ZONE)

37-H, BLOCK-6 P.E.C.H.S., KARACHI-PAKISTAN

TEL: 0092-21-34522769, 34522685, 34544765 FAX: 0092-21-4543774

E-MAIL: phamsbz@yahoo.com  URL www.phmaonline.com

 

REF. NO. PHMA/CIR/001/2010
DATED:  2nd January 2010

GRANT OF Moratorium in
floating debt of SBP - loan FAPE II
                                                                                                    
Dear PHMA Members,

The honorable and our valued members are well aware about global wise economic crises which has caused drastic decline in overall country’s export particularly relating to textile Industries. The export of Knit garments and other textile products has declined to the extent of 40% as compared to prior years. The main causes of such decline are:

Ř  Unstable law and order situation.
Ř  Non availability of yarn OR sub-standard quality of yarn.
Ř  Sky rocketing prices of accessories used in textile products resulting in high cost of production.
Ř  Load Shedding.

The foreign buyers are reluctant to visit Pakistan for placing orders, resultantly our textile products are neither competitive under existing scenario nor are we in a position to meet contractual obligations with foreign buyers.

It would not be out of place to mention that exporters usually obtain loan from SBP under FAPE II to meet their working capital requirement with the condition that they would export double of the loan under FAPE II. However, in view of existing worst economic situation and collapsed textile sector, most of the exporters who export their textile products would not be in a position to achieve the target of exports as required by SBP for obtaining loan under FAPE II.

In view of the above, all our valued members of the association are invited to participate in the session to discuss and raise collective voice for granting one year moratorium in FAPE II Loan by SBP.

The session has been schedule to be held on 6th January 2010 at 2 P.M at P.H.M.A House, Karachi.

All affected members are requested to participate in the session.

 

Thanks & Best Regards,

 

For Contact use following:
Nasir Ahsan                                    OR                     Mr. Aamir Butt,
Group Consultant,                                                     VC PHMA & Director,
PHMA.                                                                        Focus Group, PHMA.
Cell# 0344-8200096                                                   Cell# 03008252948
                                                                                    Email: bfzdirector@phmaonline.com