FPCCI and SBP talks bear fruits: Pending LCs to be cleared - Press Release issued by Federation of Pakistan Chambers of Commerce and Industry.

Karachi -- January 24, 2023 (PPI-OT)

Following is the text of press release issued by Federation of Pakistan Chambers of Commerce and Industry (FPCCI)

Quote

Mr. Irfan Iqbal Sheikh, President FPCCI, has welcomed SBP's policy decision on Monday to allow clearance of pending LCs of the containers stuck at the ports or those which are in-transit. He added the issue was causing detention charges, demurrages, shortages of raw materials for industrial production, closure of major industrial units, disruptions in the supplies of agricultural inputs, closure of plants due to unavailability of spare parts of the machinery and equipment, non-fulfillment of export orders, loss of revenue due to dwindling production and massive layoffs.

Mr. Irfan Iqbal Sheikh highlighted that SBP has advised commercial banks to provide facilitation to those importers who can extend their payment terms to 180 days or more; else, to those who can arrange funds for their import payments from abroad. Additionally, commercial banks have also been advised to release the documents of shipments that have arrived at a port in Pakistan already or for those shipments which have been in-transit on/before January 18, 2023.

It is pertinent to note that Governor SBP visited FPCCI Head Office in Karachi on FPCCI insistence and listened to the grievances of trade and industry in detail. The session saw the participation of hundreds of prominent personalities of country's all chambers, trade bodies and associations - either in-person or through video link from across various cities and countries.

Mr. Irfan Iqbal Sheikh apprised that FPCCI has worked very hard to...