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'Export finance facility for yarn to be withdrawn'

RECORDER REPORT

KARACHI: Finance Minister Shaukat Aziz told the bedwear manufacturers and exporters that refinancing facility on export of yarn will be withdrawn.

A delegation of bedwear exporters led by the Chairman Pakistan Bedwear Exporters Association, Shabbir Ahmed, had met the finance minister in State Bank on Friday.

"We were assured that the government will provide attractive incentives in the next budget to boost exports of value-added products," Shabbir said.

He said that the minister agreed that yarn should be cheaper in the local market, and there is a need to withdraw export financing facility on yarn exports. But, the minister did not mention that when this facility will be withdrawn, the exporters said.

He also noted the demand of bedwear association to impose duty on export of yarn and pass it to the ginners and growers.

The minister assured them that he would remain in contact with them on important issues regarding the economy, especially exports.