The All Pakistan Textile Mills Association (APTAMA) has requested a loan from the United States for the damage caused by the recent rains and floods.
According to the sources, a letter has been written by APTMA to the US Ambassador, Donald Bloom. It is requested in the letter provide a two billion dollar loan to Pakistan for cotton import as the production of cotton in Pakistan is at the lowest level in history.
Pakistan needs to import 10 million cotton bales for this season. APTMA declared that due to the destruction of floods and rain, the loss of cotton crops alone will be 2 billion dollars in 2022. The textile sector is now facing serious problems as it lowers the production of local cotton. It further stated that millions of jobs will be saved and the balance of payments will be improved if the loan was granted by the US.
