Pakistan Agriculture News

Cotton ginners demand bailout package

MULTAN: Pakistan Cotton Ginners Association (PCGA) has urged the government to announce a bailout package for the 1,200 ginning factories working across the country.

Rejecting the high electricity tariff and ‘unjust’ mark-up on loans for the ginning factories, association officials said the Federal Board of Revenue (FBR) should clear their tax refund cases, which had been pending for the past five years, so that ginners could modernise their units.

Speaking at a press conference, PCGA Chairman Haji Muhammad Akram along with other officials protested against the FBR for freezing their bank accounts, misuse of discretionary powers under Section 38-B and raids on business premises.

They urged bankers to advance loans to the ginners on soft terms and conditions and reduce the mark-up plus spread since the government had lowered the benchmark policy rate to 5.75%.

Source Express Tribune