Pakistan Textile and Apparel Industry Association rejects monetary policy

The president of the APTMA (Sydney Textile Manufacturers Association), Sai Si, and ****. Akbar rejected monetary policy. He said that maintaining the interest rate of 12% will increase more bad loans and increase the unemployment rate of the private sector.

Akbar said that the textile and clothing sector expects interest rates to be cut to single digits, because the textile industry suffered a heavy loss in the current state of energy crisis in the country's unprecedented energy crisis.

Akbar criticized the Central Bank of Pakistan for cutting inflation through high interest rates, because the bank's main borrower is the government, not the private sector.

The government’s borrowing has seriously damaged the interests of the private sector. Due to high financial costs, the private sector is rapidly losing its ability to survive.

Akbar said that the lack of surplus liquidity in the market is the main reason behind the lack of investment in the industry.

On the other hand, the population is growing rapidly, which means that in the absence of industrial expansion plans, the unemployment rate will be higher.