KARACHI - SITE Association of Industry Chairman Muhammad Irfan Moton has hailed the decision taken in the meeting of exporters at Pakistan Textile Exporters Association attributing to the Secretary, Textile Industry, Shahid Rashid that the government has decided to refund old age benefit and social security money to the registered textile exporters to facilitate and promote textile exports. Muhammad Irfan Moton said that it is well thought decision and the government should have taken it earlier to facilitate the exporters. He said that the textile sector is the biggest source of foreign exchange earnings and also major source of employment in the country. Paying emphasis to textile sector, he endorsed the views of Shahid Rashid that the survival of the country and national economy depends upon the running of the wheels of textile industry and regretted that due to funding gap, the Textile Policy could not be implemented in true prospective. Moton said that these EOBI and Employees Social Security Institution have amassed billion of rupees from the contribution of the employees, the management has been paying to them from years together and now they are intending to invest in any lucrative projects and earn profit thereon. The money is of the employees collected by them from the employers in shape of contribution of employees as per prevalent law and now they have become better investors. Why they do not give funds to the exporters to facilitate and promote textile exports of the country on long-term basis with less margin of profit so the textile and other industries could flourish and our economy could improve. He also welcomed the reduction in bank mark-up rate by 150 bps to 12 percent and was optimistic that this move of State Bank would lower the cost of credit for the private sector. He also hailed the news delivered by Shahid that the Ministry of Finance has been approached to release funds for the textile sector against duty drawback and other heads. An amount of Rs 24 billion of textile sector has remained stuck up on account of duty drawback and efforts were being made to get at least apart of amount released from the Ministry of Finance so that textile sector could be given some relief.