KARACHI, June 14: Chairman Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Dawood Usman Jakura urged the State Bank to reduce export performance under refinance scheme Part-2 for textile garments sector.

In a statement issued on Tuesday, he said that from the beginning of this year textile quotas were removed, but as the importers continued to pay duties they were demanding reduction in prices up to 25 per cent, which is resulting in reduction in exports in term of value.

Therefore, the condition laid down by the State Bank under refinance part-2 policy, demands that an exporter should double the amount from the loan amount which they took under the scheme.

However, reduction in prices by importers was resulting in lesser export proceeds in term of value. He suggested that it was necessary to amend the refinance policy and export performance should be reduced from 2-time to 1-time to save the exporter from the SBP penalties on short performances in the year 2004-05.