All Pakistan Textile Mills Association (APTMA) has urged the government to introduce solid economic reforms in order to increase the country’s exports before reaching an agreement with the International Monetary Fund (IMF) on yet another programme, reported 24NewsHD TV channel on Wednesday.

In a letter to Finance Minister Muhammad Aurangzeb, APTMA has said that the present situation is by no means conducive for increasing the exports. “Rather than sticking to ad hoc policies, the government should instead introduce reforms,” it has said.

The Association has said that due to heavy taxation and the non-payment of tax refunds, the textile industry is faced with a shortage of capital.

The power tariff for industrial units in the country has been increased to 17.5 per cent; double than that of other countries in the region, the APTMA has said, adding similarly gas prices in Pakistan have upped by 223 per cent since January 2023.

It has been further stated in the letter that the consumption of electricity in industrial units has dropped by 70 per cent.

The Association has demanded the government to fix the rate of electricity for industries at nine per cent, saying this will increase the possibility of increasing exports by $9 billion.

Reporter: Waqas Azeem