Trade and industry badly affected by Covid-19: PCDMA

Chairman, Pakistan Chemicals & Dyes Merchants Association (PCDMA) and former director, Karachi Stock Exchange, Amin Yusuf Balgamwala has said that coronavirus epidemic had affected not only people but trade & industry also very badly, while business is on the verge of collapse.
He said that commercial importers are facing a severe financial crisis due to lockdown and the closure of trade and industry. "After the lockdown period, import of goods including raw material will not be able to restore, which could cause industries to suffer shortages of raw materials, so commercial importers should be given loans with easy terms for a year," he demanded.
Chairman PCDMA pointed out that importers' payments are trapped and it seems difficult for them to maintain their survival, so govt provide credit facilities to commercial importers like export refinance, as exporters cannot operate without importers.
Amin Yusuf Balgamwala called on the government to provide loans to commercial importers on easy terms and issue directives to banks to make immediate payments possible after receiving import document, otherwise the problem of cash flow would become serious.
He cited FBR's notification C.No.3(1) E&C/2017, in the notification it is stated that due to the lockdown, demurrage & detention charges may not be charged from the importers for the period of 15 days in addition to the free time already allowed by the port authorities.
"Commercial importers have been approaching us for the non-compliance of FBR order for the waiver of demurrage at port but terminal operators are not ready to comply with the said order, no action has been taken by the relevant customs collectorates for implementation," he pointed out.
Chairman PCDMA requested to member customs to issue directives for not charging demurrage & detention from the importers for the period of 15 days and provide relieve to the trade in this crises due to COVID-19.