Despite receiving record amount of loans in fiscal 2016-17, exports from the Pakistani textile and apparel sector have dropped, amid mounting challenges from Asian competitors. Lending to the industry amounted to a record 90 bn in fiscal 2016-17, but exports slumped to $6.151 bn as against $6.545 bn in the previous fiscal. The Pakistan Government has also committed to pump 64.15 bn in order to boost exports, under the new Textile Policy, which runs from 2015-2019. According to a report that government has also extended an additional incentive package of 180 bn to lift dipping exports and the export financing rate offered to the sector stands at just 3.5 per cent, the lowest in the past ten years.