960411

Ginners want

CEC to buy their

surplus stock

RECORDER REPORT

MULTAN: Malik Abul Hassan, Vice-Chairman of Pakistan Cotton Ginning Association (PCGA) has appealed to the President, and Prime Minister to direct the Cotton Export Corporation (CEC) to buy surplus cotton stocks from the ginners at the market prices, so as to save the growers and the ginners from heavy losses.

In a press statement issued here on Thursday, Malik Abul Hassan regretted that the textile industry and the exporters were hesitating to purchase cotton from the ginners and as such the government must make arrangements to export the surplus cotton and earn foreign exchange and strengthening the national economy.

He said that 5.71 bales of cotton were lying in the ginning factories and regretted that the government had so far directed the CEC to purchase cotton from the ginners despite repeated demands from the growers and ginners. The PCGA Vice Chairman said if the surplus cotton stocks were not lifted from the ginners, all such cotton bales would be treated as old crop and its prices in the market would drop considerably and thus the ginners would have to suffer from huge losses and ultimately they would not be in a position to pay the arrears of the growers and the banks well in time.