The All Pakistan Textile Mills Association has written detailed letters to Minister for Energy Advisor Finance, Advisor Commerce, Governor State Bank of Pakistan and Chairman FBR requesting extension in payment of bills and payments.
APTMA maintains that the future outlook for textile markets is extremely bleak. The domestic market has also completely collapsed with little hope that it would recover to 50 per cent of its pre-Covid levels even by the end of this year.
Western analysts have unequivocally classified textiles as one of the markets that would take years to recover to its pre-Covid turnovers as textiles is not an essential commodity and consumer preferences will necessarily change for the worse on non-essential consumer goods, once the markets reopen.
The textile industry has requested relief from FBR, SBP and energy sector stating that due to acute shortage of cash flow the textile industry would not be able to pay its dues for atleast a quarter.