Business Community Terms PM's Economic Relief Package As A Wise Step

Business community terms PM's economic relief package as a wise step

Business community including Lahore Chamber of Commerce and Industry (LCCI), Pakistan Carpet Manufacturers and Exporters Association (PCMEA) and All Pakistan Anjuman-e-Tajran (APAT) on Wednesday welcomed Prime Minister's economic package of Rs 1200 billion to ensure relief to various sectors

LAHORE, (UrduPoint / Pakistan Point News - 25th Mar, 2020 ) :Business community including Lahore Chamber of Commerce and Industry (LCCI), Pakistan Carpet Manufacturers and Exporters Association (PCMEA) and All Pakistan Anjuman-e-Tajran (APAT) on Wednesday welcomed Prime Minister's economic package of Rs 1200 billion to ensure relief to various sectors.

LCCI President Irfan Iqbal Sheikh told APP here that Rs 100 billion immediate refunds to export sector would help mitigate their liquidity problems and jack up the country's exports.

Irfan Iqbal said that since coronavirus griped the country, entire business community had been supporting the government's efforts to fight out this virus, besides creating awareness among the general public.

He, however, mentioned that since Federal government imposed restrictions to limit spread of coronavirus, there was shortage of staff and limited banking facilities for importers and exporters and it was not possible for them to get their goods cleared and to pay their customs duties in time at different ports. And ultimately they were left with no other option but to pay heavy detention charges at ports terminals and huge demurrage charges on their consignments, he maintained.

The LCCI President demanded the government to direct the relevant authorities including KPT/PQA, private terminal operators, and shipping companies to waive the port detention charges as well as demurrage charges up to May 31, 2020.

Pakistan Carpet Manufacturers and Exporters Association (PCMEA) Chairman Muhammad Aslam Tahir, Carpet Training Institute (CTI) Chairperson Pervaiz Hanif, Vice Chairman Sheikh Amir, Senior Central leaders Abdul Latif Malik, and Riaz Ahmed also appreciated the economic relief package worth Rs 1200 billion for various sectors.

They were of the view that Rs 100 billion refunding to export industry would revitalize their productions and enable them to complete their export orders in time.

PCMEA office-bearers suggested the government to continue to take decisions accordingly with the changing social and economic situation in the wake of impending coronavirus threat in Pakistan.

They urged the government to further cut interest rate that is direly needed in the prevailing circumstance, which largely affected the exporting industry. They also called for revival of zero-rating regime for country's export sector.

PCMEA leaders expressed the resolve to stand with the government in this difficult time to defeat coronavirus through joint efforts.

All Pakistan Anjuman-e-Tajran (APAT) President Ashraf Bhatti also appreciated Prime Minister Imran Khan for announcing a comprehensive economic relief package for various sectors of economy and for the poor and daily wage earners.

He, however, suggested a further cut in POL prices and interest rate to a single digit.

He said that traders' community was also hit hard due to closure of markets, shopping malls and other trading points as precautions to coronavirus spread, therefore they must also be facilitated to the maximum.

He suggested that government should waive off businessmen's utility bills or taxes and also defer their payments.

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