Expressing concern over halt in trade and industrial activities due to lockdown amid Covid-19 pandemic, business community representatives said on Thursday that prolonged lockdown and suspension of trade and industrial activities are yielding negative impact on businesses.
The LCCI President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad said that not only export-oriented industry but the government would have to open all trade and industries with Standard Operating Procedures (SOPs) as now they have nothing to spend, to pay utility bills or salaries.
They maintained that the government has taken a good step by opening export-oriented industries but relief should also be given to other industries, small traders and shopkeepers who are in a deep trouble and facing severe financial crunch.
"The small traders should be allowed to open their businesses at least for limited timings," the LCCI office-bearers said, adding: "Those who are backbone of the economy and playing role in providing employment and revenue must be allowed working for limited time."
PIAF chairman Mian Nauman Kabir opined that although the government announced various financial packages for industry, but no financial relief is seen anywhere on the ground from any government institutions or department including SBP, FBR, LESCO, SNGPL, Punjab Social Security and EOBI.
He stated that the central bank had also announced an incentive scheme entitled Refinance Scheme for payment of wages and salaries to the workers and employees of business concerns, but the banks have refused to offer such loans, except extending only Term Finance Funding, with a restriction of on-time payment of markup and other conditions.
PIAF senior vice chairman Nasir Hameed Khan said that social security and EOBI payments are being demanded by the departments as per routine. He said that utility companies including SNGPL and LESCO have neither provided any relief in tariff nor extending dates of bills payment, contrary to the commitment of the government.
On the other hand, the Friends of Economic and Business Reforms has appealed the central bank to formulate some financial policy for commercial and industrial importers like its various schemes already announced to facilitate SMEs, retail, corporate businesses, workers of business concerns and export sector.
In an open letter written to the Governor of State Bank of Pakistan, FEBR President Kashif Anwar said that no policy has yet been announced for the commercial and industrial importers, as they immensely need finance to get their consignments cleared from the port for the last over one month.
"We have no finance to get their documents released from banks and finally get their consignments cleared from ports," he said.
Because of closure of businesses, importers have no sufficient finances to clear their consignments due to which space at the ports is choking and as a result demurrage and detention charges are also piling up making the goods costlier, he added.