PHMA wants review on long Eid holidays

The Pakistan Hosiery Manufacturers and Exporters Association has opposed the government decision of long Eid holidays, which would hurt the business, causing a loss of billions of rupees in exports.

Criticizing the government decision of more than a week holidays on Eidul Fitr, PHMA zonal chairman Fiasal Mahboob Sheikh said that the country would remain disconnected with the world for almost a week, and it will cost the economy of billions. He said that long closure of banks would lead to delays in the opening of LCs and making payments. The impact of banking sector shutdown would also create problems for the common man. The ATM system is not efficient and it may aggravate the liquidity problem, he said.

He also expressed concern over increase in minimum wage limit from Rs17,500 to Rs19,500. He said that keeping in the view the current economic situation of the country, it should be reviewed and brought back to the same denominator.

PHMA chief coordinator Adil Butt said that due to closure of transport there will be problem to transfer the finished goods from one to other places.