FPCCI requests in writing that the central bank call an urgent meeting to find a solution.
Karachi: The government is under increasing pressure to free the containers full of industrial raw materials and other items that have been sitting at ports for months as they wait to be cleared.
In a letter to the State Bank of Pakistan (SBP), the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) urged the central bank to call an urgent meeting to resolve the persistent problem.
According to the letter’s contents, the FPCCI raised concern over the stuck raw material containers at ports. The letter stated, “We have never experienced this economic crisis before.”
Shabbir Mansha, vice president of the FPCCI, stated that “the chamber is coming under increasing pressure from various trade and industry quarters. To resolve the situation, prompt and decisive action is required.
We contacted the SBP about the lack of industrial raw materials, but Mansha stated that “no action has yet been taken.”
He urged that firms that deal in foreign exchange be permitted to buy dollars to fifnance imports. This would allow importers to buy dollars from these companies and have their products freed from ports.
Moreover, all import payment terms should be increased from 180 days to 365 days. The letter also suggested an open account facility for the imported raw materials.
When importers are sourcing dollars for imports, the state of a banking financial instrument should not be relevant, according to FPCCI, which also urged the SBP to act quickly to resolve the issues.
