Pakistan Textile Industry Association Refuses Monetary Policy
Mohamed, President of the Pakistan Textile Mills Association (APTMA), refused.
Akbar said the textile sector expects interest rates to be reduced to single figures, because the textile industry at the current price level is unprecedented in the country.
Akbar criticized the Central Bank of Pakistan for reducing inflation through high interest rates, because the main borrowers of banks are the government, not the private sector.
Government borrowing has seriously damaged the interests of the private sector. Because of the high cost of finance, the private sector is losing its viability rapidly.
Akbar said that the lack of surplus liquidity in the market is the main reason for the lack of investment in the industry.
On the other hand, the population is growing rapidly, which means that the unemployment rate will be even higher if there is no industrial expansion plan.
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