Aptma’s letter to US Embassy for cotton imports loan
Textile industry has requested a soft loan of $2 billion to import 3.5 million bales. The cotton will be imported from the US.
All Pakistan Textile Mills Association (APTMA) wrote a letter to the US Embassy and requested to take up the issue of loan approval for cotton import before the American government.
In a letter written to US Ambassador Donald Bloom, Aptma urged him to take up the case with the US government for sanctioning the loan.
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Aptama has requested a soft loan of $2 billion to import 3.5 million bales. The cotton will be imported from the US.
Last year, Pakistan imported 5 million bales worth 1.48 billion dollars. Out of this, 17 lakh bales were imported from the US while agreements were agreed to import 1.2 million bales from the US.
It should be remembered that 90% of the cotton crop in Sindh has been destroyed due to the disastrous rains and floods in Pakistan last year, and the textile sector has suffered the most after the farmers.
In order to keep the textile sector running, the import of cotton from other countries, including the US, will put an additional burden on the already dwindling foreign exchange reserves.
