Pakistan's Ministry of Textile Industry (MoTI) is likely to receive a larger share of the Pk Rs. 10 billion Export Development Fund (EDF) announced in the recent Federal Budget 2012-13.
Last fiscal year too, the Finance Ministry allocated a sum of Rs. 10 billion for EDF, of which Rs. 7.5 billion was allocated to the MoTI. However, the MoTI has so far received only Rs. 5.5 billion and the remaining Rs. 2 billion is likely to be released before the end of the current fiscal year on June 30, 2012.
For fiscal 2011-12, the MoTI had demanded Rs. 35 billion for the promotion of textile and apparel exports, but the Government sanctioned only Rs. 7.5 billion through the EDF.
For next fiscal 2012-13, the MoTI had reduced its demand for textile and garment promotion to Rs. 30 billion, but experts expect the Government to allocate only Rs. 7.5 billion through the EDF for 2012-13.
Established in 1991, the objective of the EDF is to support export-oriented industries in the country.
Fibre2fashion News Desk - India
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