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Ginners seeking rescheduling of loans – Alfalah Securities Limited

Karachi : Pakistan Cotton Ginners’ Association (PCGA) is seeking rescheduling of its members’ loans and waiver of mark up from State Bank of Pakistan (SBP) for making payments to the cotton growers up to coming December.

According to Alfalah Securities, around 75-80% ginning factories of Sind are reported to have closed their businesses due to damage to cotton crop. The cotton growers were paid PKR 7 bn by the ginners, in advance, for purchase of phutti before the recent floods in lower Sind where 75% crop sown on 1.6 mn acres in 23 districts out of which 1.2 mn acres got damaged resulting in huge loss to ginners.

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