KARACHI, Feb 1: Pakistan Cloth Merchants’ Association (PCMA) chairman Abid Chinoy welcomed the restoration of financing facility for grey cloth exporters, but regretted the price condition of above $3 per square meter.

In a statement issued here on Friday, the PCMA chief said that under the present depressed world market conditions it was not possible to meet this price condition.

He said the export financing facility on grey cloth was withdrawn at the time of announcement of Trade Policy for 2000, which had badly affected the exports of grey cloth.

Abid Chinoy, however, pointed out that as this facility has been revived on the basis of per square meter export price and hence the exporters should remain liable to ship bleached and unbleached fabric with a price not less than the per square meter.

He said that obtaining above $3 (or equivalent) per meter export price is not possible in view of present difficult time and the economic recession world over.