KARACHI - The Rice Exporters Association Pakistan (REAP) has welcomed the announcement of State Bank Governor Syed Salim Raza for lowering interest rate which he promised during his visit to REAP Office. REAP Chairman Abdul Rahim Janoo has also requested to allow rice exporters for matching grant in refinance part-2 as explained to him during his visit to REAP and subsequent meetings with director State Bank, for the year 2009 only, as due to volatile and then depressed market exporters have huge carried forward stocks of rice and due depressed international rice prices they were unable to export in time, the penalties imposed due non shipment should be waived off and this special facility for rice exporters required only till June 30th 2010. Chairman REAP also reminded Governor SBP to please look into the matter of REAP member, M/s. White Pearl Rice Mills whose USD 280,000 has been stucked due to the mistake of SBP, the remittance was sent to import raw jute from Burma but instead of mentioning ACU it was mentioned as USD and due restriction this amount has been held since long, unless SBP rectifies the declaration this amount cant be released. The REAP chairman assured the government that despite international recession and competition, they would achieve rice export target due to active support of the SBP. Pakistan the homeland of worlds best quality rice is liked by all quality rice eating nations and this was proved when a delegation led by the REAP chairman visited Saudi Arabia early this month and got good orders, keeping in view the instructions of Hon. Makhdom Amin Fahim, Federal Commerce Minister, REAP is again sending delegations led by Chairman REAP to South Africa 3rd May - 10th May, EU Countries from 15th May, Qatar end of May, Senegal early June and China end of June, this forceful marketing will be able to achieve rice target of USD 4 Billion by 2012. Chairman REAP, Abdul Rahim Janoo will also attend Joint Trade Committee (JTC) Meeting at Tehran on 11th and 12th May under leadership of Hon. Makhdom Amin Fahim, Federal Commerce Minister in which Rice is also included in agenda items. REAP is also organizing a high profile Rice Festival in Dammam & Madina Munawara during July 2009 and most likely it will be inaugurated by Amin Fahim.