ISLAMABAD: The ministry of textiles has paid Rs52.5 billion to the textile industry under the Prime Minister’s exports enhancement package since July 2017 to help boost exports, a senior official told APP.

The ministry paid Rs10.5 billion to the textile industry during the last 10 months, while it intends to pay more than Rs10 billion during the couple of days, the official said.

The government would further pay Rs40 billion to the textile industry for value addition, which the official said would boost the country’s external trade.

The exports enhancement package aims at bridging gap between exports and imports by encouraging the export-oriented industry and incentivising the industrial sector for introducing innovative, modern and cost-cutting technologies, particularly in the textile industry. The official said the State Bank of Pakistan has so far received Rs26 billion refund claims under the package in last seven months, which he said would be processed accordingly. The government paid Rs52.5 billion in terms of outstanding claims, while the pending liabilities of Rs20 billion would be paid off in coming months.

Published On : 14-05-2019

Source : The International News