FPCCI proposes measures to resolve import payment crisis

FPCCI proposes measures to resolve import payment crisis

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Saturday proposed measures to resolve import payment crisis.

The FPCCI, which is the apex trade body of the country, has sent a letter to the State Bank of Pakistan (SBP) for calling an emergent meeting for the resolution of import crisis.

READ MORE: FPCCI rejects policy rate hike; terms economy to collapse

It said that the unprecedented economic condition has never been encountered in the past history of Pakistan. It further said that the apex trade body was under huge pressure from different trade and industrial sectors from across Pakistan.

“Overall economic position and war-footing steps may be taken to counter the crisis,” it added.

READ MORE: SBP raises benchmark rate to 21% amid inflationary concerns

The FPCCI also criticized the central bank for not showing seriousness in the import payment crisis. “It seems that despite various discussions and meeting requests the SBP has taken the circumstances so lightly that the hierarchy do not bothered whether the stakeholders may continue their businesses for their survival.”

The FPCCI presented various proposals for the resolution of the crisis. It proposed that stakeholders should be allowed to arrange the foreign exchange from exchange companies for import purpose.

READ MORE: Pakistan exports plummet by 10% during July – March 2022-2023

It is further proposed that all mode of payments should be allowed for a limit of 180-365 days for the transaction on contract, collection etc.

Furthermore, open account facility may be resumed for import of raw materials, industrial input goods etc. subject to deferred payment of 180-365 days. Besides, the FPCCI also suggested that self-funded imports may be allowed without requirement of banking financial instruments.

READ MORE: Khunjerab Pass reopens for Pakistan, China trade

The apex trade body stated that FPCCI had strong reservations regarding exposure of the SBP in the present crisis and may consider the trade community as a pillar of Pakistan which may be supported outright.