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High power tariff worsens crisis in textile industry

According to Pakistan Textile Exporters Association, due to energy crisis, 50 spinning mills, 10 processing mills, while hundreds of weaving units have already closed down.

Published by Noor Fatima

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Islamabad: Due to 26% increase in basic electricity tariff and 18% increase in quarterly tariff in three months, the crisis of textile industry has intensified.

The Central Power Purchasing Agency (CPPA) has spread further frustration in the industry by hinting to increase the tariff by another Rs7.13 on account of fuel adjustment.

According to Pakistan Textile Exporters Association, due to energy crisis, 50 spinning mills, 10 processing mills, while hundreds of weaving units have already closed down. The textile mills which are partially running have also started shutting down in the current situation.

It is pertinent to note that textile exporters are already facing severe shortage of capital due to delay in payment of refunds that have been pending for years, while the cost of production has more than doubled due to depreciation of rupee and high interest rates of banks.

In these circumstances, Pakistan has been left behind in the race of competition from other countries in the region and the industry has also seen a significant decrease in getting export orders from abroad.

Apart from this, due to the lack of reforms in the energy sector, there is growing frustration in the industry. The industrialists say that it is very important to continue supplying electricity and gas at competitive rates to the export industry, especially the textile sector, for economic stability in the country.

Along with this, structural reforms are also necessary to pave the way for new investments and promote industrialization in the country so that the journey of economic growth can be continued by reducing the cost of production, they added.

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Regional

Customs raid on Karachi airport, one passenger apprehended

Customs officials stated that the administration got indication of the fake currency during the scan process in the bag’s lower part.

Published by Qurrat Tul Ain

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Karachi: Customs raided on Karachi airport and apprehended one passenger amid having fake currency of Arab Emirates Dirham (AED).

According to the details, the accused passenger was going Sharjah from Karachi. The assistant collector customs got 1,00000AED from the apprehended passenger.

Customs officials stated that the administration got indication of the fake currency during the scan process in the bag’s lower part.

Assistant collector further said that when the passenger’s luggage was checked the officials got fake currency of 200 and 500AED. The case is being registered against the accused and further investigation is going on.   

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World

Biden cancels another $1.2 bln of student loan debt

The administration has now canceled some $138 billion in student debt for nearly 3.9 million people through executive actions.

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Washington: President Joe Biden said on Wednesday his administration is cancelling $1.2 billion worth of student loans for nearly 153,000 people who are eligible under a program used to make good on his promises to increase loan forgiveness.

Biden, a Democrat, last year pledged to find other avenues for tackling debt relief after the Supreme Court in June blocked his broader plan to cancel $430 billion in student loan debt.

Left-leaning progressive and young voters, whose support Biden needs to win re-election in November, have been vocal in advocating for student loan forgiveness on a wide scale. Republicans largely oppose such actions.

"While a college degree is a ticket to a better life, that ticket is too expensive," Biden said during a trip to California that has been focused primarily on fundraising for his re-election campaign.

Biden said the latest round of debt relief would be "a huge help to graduates of community college and borrowers with smaller loans, putting them back on track faster for debt forgiveness than ever before."

The administration has now canceled some $138 billion in student debt for nearly 3.9 million people through executive actions, the White House said.

The latest announcement applies to people enrolled in a repayment program known as Saving on a Valuable Education (SAVE) and covers those who borrowed $12,000 or less who have been repaying the money for at least 10 years.

The SAVE plan, according to the White House, takes into account a debt holder's income and family size when setting monthly payments and makes sure balances cannot grow from unpaid interest if the borrowers are making regular payments.

Recipients of the relief will receive an e-mail from Biden.

"I hope this relief gives you a little more breathing room," Biden writes in the note, provided by the White House. "I've heard from countless people who have told me that relieving the burden of their student loan debt will allow them to support themselves and their families, buy their first home, start a small business, and move forward with life plans they've put on hold."

SOURCE: REUTERS

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