LAHORE: The Federation of Pakistan Chambers of Commerce & Industry’s former president Mian Anjum Nisar has said that the business community across the country has decided to take to the streets against the anti-industry policies of the government on Monday (today), lodging a massive and strong protest demonstration, especially against the non-opening of LCs (Letter of Credits) to import industry raw material for the smooth running of business activities in the country.
Mian Anjum Nisar, who is the chairman of FPCCI’s ruling group of Businessmen Panel (BMP) and also patron-in-chief of the PIAF, which is presently ruling at LCCI, threatened the government of continuing this protest across Pakistan until the clearance of their containers of imported goods, stuck up at ports for a long time, as the economy is presently in a standstill position owing to this unfortunate attitude of the authorities.
Mina Anjum Nisar urged the government for immediate restoration of the opening of letters of credit with the availability of foreign exchange for the import of raw materials putting industries into gear. He said that representatives of all trade bodies, industrial associations, markets and bazaars would participate in this protest, in the lead of BMP and PIAF, being held in front of Lahore Press Club today (Monday) to give a strong message to the government, telling them that every sector of trade and industry is severely affected due to stoppage of imported goods, as a result the economy is going towards a total closure and default.
PIAF chairman Faheemur Rehman Saigol observed that factories importing raw material for producing food, medicines and iron are now facing serious supply constraints. Due to non-release of our import documents and consequent non-availability of raw material, the manufacturing units are on the verge of closure, he said. He said that despite the lifting of the import ban by the government, delay in opening Letters of Credit (LCs) for essential machinery, equipment and spare parts is a matter of grave concern for traders.
The BMP Chairman and PIAF patron-in-chief said that at the same time, the country has failed to secure
Moreover, market rumors of a possible default by Pakistan are also making rounds but the government remains optimistic that Saudi Arabia will offer crucial support for foreign exchange reserves.
The FPCCI former president said that the currency market continued to stay engulfed in a massive dollar shortage, as customers struggled to get their hands on the greenback. Dollars are not available in the market as the economic situation remains vulnerable, while foreign exchange reserves remain low.
