KARACHI - All Pakistan Textile Mills Association (APTMA) has urged the government to include textile spinning industry Balancing, Modernization and Replacement (BMR) in the Long Term Financing Facility (LTFF) scheme of the State Bank of Pakistan (SBP) as a trade policy initiative. According to the APTMA spokesman, the government had introduced LTFF scheme in December 2007 to encourage investment in plant and machinery to increase exports. Under the scheme, the participating financial institutions provide to the borrowers Long Term Financing at concessional rate of finance with a grace period of 2 years for tenure varying from 3 to 10 years. Regrettably, the spinning industry was not eligible to LTFF scheme even for BMR, deplored the APTMA spokesman. The APTMA spokesman further pointed out that 45 percent of the $5 billion investment in the textile industry, since 2001, was made by the textile spinning industry. He said the textile industry was facing unprecedented crisis since 2006 and consequently the spinning industry could not undertake necessary and vital BMR. In the absence of due BMR to the spinning sector, added the spokesman, will result into redundancy of installed machinery leaving Pakistan uncompetitive in the face of heavily subsidized investment facilities by the region competitors. The APTMA spokesman has urged the government that textile spinning industry BMR should be included to the LTFF scheme of the SBP as an initiative of trade policy initiatives. Further, he added, the energy generators and conservation equipments should also be included to the LTFF scheme in the wake of severe energy shortage in the country.