KARACHI: State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra said on Tuesday the central bank will extend all kinds of support to the stakeholders of the textile industry.

He said this at a meeting of the Senate Standing Committee on Textiles that took place at the SBP headquarters to discuss the problems faced by the textile industry and seek proposals for its sustainability.

Besides members of the committee, representatives of major banks of the country also attended the meeting, according to an official statement.

Mr Wathra asked the representatives of the banking sector to play their due role in the rehabilitation of the textile industry by extending soft loans to exporters.

It is a moral responsibility of the entire business community to bring back its foreign assets and liquidity into the country to strengthen the textile industry, he said.

Senator Nihal Hashmi drew attention of the committee members to what he called the monopoly of private banks in the advancement of loans. He said the SBP should be tougher in regulating private banks. He said the government alone will not be able to bail out the textile industry, adding that the private sector should extend financial support to the textile industry.

Expressing the concerns of the banking sector, Habib Bank CEO Nauman Dar said the textile industry should prove its competiveness if it expects the banking sector to come to its rescue. He said the government should announce subsidies for exporters.

Expressing his optimism about its future and potential, Mr Dar said the textile industry is not dead in Pakistan. To support his stance, he cited the names of leading textile groups that have made their fortunes from the textile industry.

Committee Chairman Mohsin Aziz highlighted the significance of the textile industry in ensuring the country’s economic stability. He said sustainability in the textile industry ensures employment and optimum benefits to the agriculture sector.

Senators Nasreen Jaleel, Khushbakht Shujaat, Hari Ram and Saleem Mand­viwala were also present at the meeting.

Published in Dawn, January 4th, 2017