APTMA warns of closing down textile units

The All Pakistan Textile Mills Association (APTMA) has warned that it would shut down textile units with immediate effect if the government does not accept its demands. An extraordinary general meeting of APTMA decided on Saturday to mandate APTMA Chairman Tariq Mehmood to settle the demands with the government on war footing, following which he would be bound to call for the industry’s closure.

The meeting demanded to stage demonstrations across the country. It also asked APTMA to stop payment to the banks, and asked for an immediate reduction in interest rate. It also demanded that WAPDA MDI be waived off for December 2008 and January 2009, and for payment of gas bills to be stayed for 90 days as WAPDA and SNGPL failed to ensure continued supply. The meeting also demanded that CIB reporting period, currently at 90 days, must be increased to 360 days. The meeting unanimously demanded to undertake the planned closure of mills, resulting in the curtailment of production and laying off of the workforce.