The All Pakistan Textile Mills Association has said its industry members are considering depositing a $2 billion fund with the State Bank of Pakistan (SBP) as a support measure after Pakistan’s decision to give the United Arab Emirates (UAE) its money back.
In a statement issued from Lahore, APTMA Chairman Kamran Arshad said the textile industry stands shoulder to shoulder with the government and will not allow any financial difficulty to emerge.
He said that after the ongoing peace talks, the association plans to meet Prime Minister Shehbaz Sharif to work out a formal solution. He added that APTMA has always upheld the principle of putting Pakistan first.
Kamran Arshad further said that Pakistan has already fulfilled all conditions set by the International Monetary Fund and that exports are rising rapidly, strengthening the country’s economic outlook.
The development comes after Pakistan decided to return UAE its $2 billion (+ interest) by the end of this month, an amount that had been maintained at SBP as a safe deposit.
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Anything but paying Corp taxes. They are willing to deposit dollars to keep interest rates down.
Government should take practical steps to manufacturing viable and focus on IT Exports. There will be no need borrowing or support from anyone.
This is very good gesture, a real pakistani for pakistan……..
There is huge payable amount with Dubai on account of PTCL. Everyone should stress for earlist payment.