Plan to revive sick textile unit gets nod

The National Assembly`s Standing Committee on Finance has supported the proposal by the textile sector to restructure bank loans of sick units to help their revival. Members of the textile sector informed the committee that the revival of sick units will earn $1 billion in foreign exchange and create five million jobs. Committee chairman Qaiser Ahmed Sheikh noted that exports have declined from $25bn to $20bn in the last four years and the decrease will continue if its basic causes are not addressed. The representatives of the textile sector identified a high cost of LNG, non-clearance of refunds and government borrowing by banks as major causes that led to the decline in exports. Committee members noted that the government borrows heavily from banks and leaves no space for the private sector to obtain loans. The meeting was also informed that exports from Bangladesh have increased from $24bn to $34bn.