Consignments stuck at ports: Banks told to give one-time facilitation to importers

KARACHI: In order to clear the stuck consignments at ports, the State Bank of Pakistan (SBP) has advised banks to provide a one-time facilitation to all those importers who could extend their payment terms to 180 days or arrange funds from abroad to settle their pending import payments.

The business community, including various trade bodies and chambers of commerce, have highlighted that a large number of shipping containers carrying imported goods are stuck at ports, due to delays in release of the shipping documents by the banks.

Therefore, in order to facilitate businesses, the SBP Monday announced withdrawal of the requirement of prior approval of imports (falling under HS code Chapters, 84, 85 and certain items under HS code Chapter 87) and instead gave a general guidance to banks to prioritize import of certain essential items such as food, pharmaceutical, energy, etc.

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The SBP has also advised banks to provide a one-time facilitation to all those importers who could either extend their payment terms to 180 days (or beyond) or arrange funds from abroad to settle their pending import payments.

Accordingly, till March 31, 2023, banks have been advised to process and release documents of shipments/goods that have already arrived at a port in Pakistan or have been shipped on or before January 18, 2023.

Further, the SBP has advised the banks to educate their customers to inform their banks prior to initiation of any import transaction to avoid any complications in the future.

Copyright Business Recorder, 2023