ISLAMABAD:The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed measures to resolve the country’s import payment crisis.
The apex trade body of the country has written a letter to the State Bank of Pakistan (SBP) urging it to call an emergent meeting to address the issue. The letter expressed concern over the stuck containers of raw material at ports and criticized the central bank for not taking the crisis seriously.
In its letter, the FPCCI presented several proposals to tackle the crisis. It suggested that stakeholders should be allowed to arrange foreign exchange from exchange companies for import purposes. The trade body also proposed that all modes of payments should be allowed for a limit of 180-365 days for transactions on contract, collection, etc.
Additionally, it suggested that the open account facility be resumed for the import of raw materials and industrial input goods subject to deferred payment of 180-365 days. Lastly, the FPCCI proposed that self-funded imports be allowed without the requirement of banking financial instruments.
It may be mentioned here that the import payment crisis has caused anxiety among stakeholders who fear for the survival of their businesses. The FPCCI hopes that its proposals will be considered by the SBP to alleviate the crisis and prevent further damage to the country’s economy.
