Pakistan Cotton Mill Association (PCGA) will be postponed to strike on November 25

Pakistan Cotton Mill Association (PCGA) announced that textile minister Said’s request, the strike will be postponed to November 25, Said association called for immediate consultations in Islamabad.

In Thursday at a news conference, PCGA former president Said, now vice president of the Akram said, Pakistan will step up trade, from the ginning factories in the warehouse to buy 2,000,000 bales of cotton.

They said that the commercial banks to the minister suggested that the implementation of restrictive measures so that they do not cotton stocks more than 1,000 package, the banks should advance loans, rather than on the basis of their stock to pay for one-third of.

They said that under the current situation, as a result of funding from the Bank of problems, they can not buy cotton, because their storage place in more than 200 million bales of cotton. At present, they can not afford to re-purchase of cotton. Ginning factories in the warehouse in place of more than 150 million packets of unsold inventory. Ginning factories have stopped buying cotton Phutti. In the absence of disposal of stocks of cotton, they take up billions of rupees of funds.

Zhaerdeli them to apply for the President and Prime Minister Gilani, to interfere in this situation, to save the cotton, ginning factories, trading companies immediately asked Pakistan to buy their unsold stock of cotton, or cotton economy may be deteriorating. On the other hand, banks and other financial institutions to cut their ginning factories of the loan ceiling, as the spot price has decreased.