NNA |
Updated:
Jul 02, 2022 6:45 PM STI

Islamabad [Pakistan]Jul 2 (ANI): Pakistan’s textile industry is expected to suffer export losses worth $1 billion in the first 15 days of July after authorities suspended gas supply due to of Eidul Azha’s shortage and vacation.
Fearing the loss, the industry petitioned the country’s government to resume the gas supply.
According to The News International, All Pakistan Textile Mills Association (APTMA) wrote to Pakistani Prime Minister Shehbaz Sharif on Friday informing him of the consequences of the measures.
“A 15 day shutdown will result in a loss of at least $1 billion and over 50% of production will be lost this month with the very real risk of losing orders permanently as well as the loss of ‘recurring business activity due to order delivery delays,’ APTMA wrote.
“Textile exports would be significantly lower, to the detriment of the Pakistani economy. Due to energy supply and cost constraints, Pakistan will be forced to seek an additional $6 billion in overseas loans, which , under the circumstances, might not even be possible,” he added, calling on the government to immediately restore gas/RLNG supply to the export-oriented industry, The News International reported.

It comes after Sui Northern Gas Pipelines Limited notified textile mills of the suspension of gas supplies to captive power stations.
Following this, the textile industry decided to remain closed from July 1 to July 8. The suspension of gas supply will affect industries in Punjab as 70% of textile factories are mainly located in this region.
Sources added that the decision to suspend the gas supply was taken to continue the uninterrupted supply of the electricity and fertilizer sectors.
According to a media report, the shortage of gas supply has already reduced textile production by up to 30% and the latest suspension will reduce production by up to 50%, which will affect the country’s economy.
The interruption of gas supply to industries has affected exports, which will impact the achievement of targets of $26 billion for the next fiscal year, in addition to increasing unemployment.
Pakistan is currently facing a balance of payments crisis, with the International Monetary Fund asking the government to do more to resume its lending facility.
Ever since the Shehbaz Sharif government came to power in Pakistan, daily necessities are getting expensive and out of reach for the common man due to recent hikes in petrol prices and fuel tariffs. electricity, local media said. (ANI)

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