F.P. Report
PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) expressed displeasure over non-resolving issue of Letter of Credits (LCs) despite assurance of government and finance minister Ishaq Dar, stressed the need for taking serious measures for resolution of business community/importers issues.
In a statement issued here on Tuesday, the SCCI acting president Ijaz Khan Afridi said the business community/importers has faced enormous difficulties owing to non-opening of Letter of Credits (LCs).
Despite clear directions of government and State Bank, he said commercial banks were continuously using delaying tactics in opening of LCs, which has caused huge financial loss to exporters, particularly, owing to non-availability of raw materials, industrial progress has adversely affected and number of manufacturing units are near to closure.
Ijaz Afridi recalled that federal minister for finance Ishaq Dar had given assurance that the LCs issue would be resolved after reaching a deal with the IMF.
However, he lamented that the government isn’t taking serious steps to resolve issues of LCs as per commitment, which has created great unrest and displeasure among the business community, especially importers.
Afridi was of the view that the business community has always played a pivotal role in bringing economic development by paying various kinds of taxes.
But, he said the present and previous governments didn’t pay serious attention toward resolving traders’ community issues which are the main cause behind the present economic turmoil, besides, adding to issues with the business community, the country’s economy is still at crossroad, he added.
The SCCI’s acting chief said it was completely incomprehensible that LCs were not opening despite depreciation of US dollar and strengthening PKR after striking a deal with the IMF, while dollars were also available.
Therefore, he said non-opening of LCs were tantamount to further adding to miseries of business community/importers.
Ijaz Afridi appealed to the federal government, prime minister Shehbaz Sharif, finance minister Ishaq Dar, minister for trade and commerce and other authorities concerned to issue instructions for immediate resolution of LCs issue to remove growing tension among importers.
He was of the view that a prosperous business community was guaranteed for sustainable economic growth, prosperity and development.
He linked economic stability to resolving issues of the business community so that the country will lead toward improvement and progress.
