KARACHI, Aug 8: The State Bank of Pakistan is shaping up another Long-Term Finance (LTF) scheme for implementation in coming September after the expiry of earlier scheme in June 2007, SBP Governor Dr Shamshad Akhtar told members of All Pakistan Textile Mills Association in Lahore, Karachi and Peshawar through a video press conference.

A press release issued by Aptma from Karachi said that the governor promised to look into the problems raised by the members on eligibility of their letters of credit established in July and August for machinery import under the old LTF scheme.

She advised Aptma members to explore opportunities offered through long-term foreign exchange borrowing and assured them of providing necessary education and information on the subject.

Regarding the 3 per cent subsidy on spinning, as announced in the federal budget 2007-08, she clarified that the draft circular had been presented to the finance ministry and instructions in this regard were awaited.

Earlier, the governor informed the Aptma that the adjustment regarding the export refinance was entirely between the central bank and the banks and would in no way impact the industry.