ISLAMABAD More than 50,000 power looms have been closed down so far in the country due to the ongoing yarn crisis and if this situation persists for some more days, the industry is feared to come to a closure, TheNation has learnt on Tuesday. Sources informed that due to the acute shortage of yarn in the country, over 50,000 power looms have been closed down while other 40,000 looms are operating partially. The situation is further escalating the rate of unemployment, as more than two million people are directly associated with the textile sector. The sources in the textile associations further disclosed that textile sector was badly affected in the current situation but government seemed in no mood to take any step for the solution of crisis. Due to non-availability of yarn, textile units will not be able to fulfil the export targets and this would also hamper the growth of overall exports of the country, which have already been declined by 9 percent in four months (July-October 2010). Price of yarn has surged by 40 percent in the last few weeks and even it is not available at high price, which is a matter of concern for the textile mill owners, sources informed. It might be mentioned here that the country has been facing the crisis of yarn for the last few weeks but Ministry of Textile Industry and other concerned department have taken no concrete step yet. On the other hand, majority of textile associations are demanding of the government to impose ban on the export of yarn to provide yarn to local consumers. Meanwhile sources in Ministry of Textile Industry disclosed that ministry had convened a meeting of all stakeholders on the said issue on Wednesday. Government would try to resolve the crisis in the said meeting. The sources informed that the meeting was being called late because Federal Minister for Textile Industry Farooq Saeed Ahmad Khan had been performing Haj. The government totally failed to resolve the said crisis during the last meeting with stakeholders held in November, while the Cabinet Committee on Textile did not find any solution to the problem. The Cabinet Committee on Textile met under the chair of Federal Minister for Finance Shaukat Tarin a few days back but did not announce any strategy regarding availability of yarn in the country.