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HomeLatest NewsBusinessPakistan Seeks the US for a $2 Billion Aid to Cotton Import

Pakistan Seeks the US for a $2 Billion Aid to Cotton Import

APTMA appeals $2 B loan from the USA for cotton import to Pakistan.

It states that a loan of $2 billion should be give to Pakistan for the cotton import in a letter from APTMA Patron-in-Chief Gohar Ejaz to Donald Bloom, the US ambassador to Pakistan.

Moreover, he pushed the US government to approve loans with favorable terms for Pakistan’s textile sector. He recommended that the US government create a strategy to make it easier for cotton importers to acquire finance.

A significant obstacle to the development of the textile sector is the fact that letters of credit (LC) are not being opened for imports.

Pakistan has had its lowest-ever levels of cotton production. Rains and floods caused the loss of 5 million bales during the year, costing 2 billion dollars in cotton crop losses alone. Between June and October 2022, floods in Pakistan took the lives of more than 1,739 individuals.

The US financing will help Pakistan’s balance of payments while also saving millions of jobs.

The country lost 15.2 billion dollars in economic output as a result of the recent floods, in accordance with the letter. Ten million cotton bales should be import into Pakistan for this season due to the tremendous challenges the textile industry is now experiencing due to the severely low local cotton production.

 

 

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