The Chairman of the Senate Standing Committee on Commerce Zeeshan Khanzada Wednesday said that policies of the State Bank of Pakistan (SBP) with regard to imports and dollar restrictions have paralyzed the trade industry.
During the meeting of the committee, the members lamented that the exports and remittances are going down and the industry is under constant threat. The committee chairman reiterated that the central bank should review its policies in order to reinstate the trade industry.
The committee members were of the view that a greater onus is on the Ministry of Commerce to take concrete steps to save the industry from falling apart. The official of the Ministry of Commerce assured the committee that they have scheduled meetings with the central bank on the relaxation of import restrictions and dollar limits.
The committee questioned who is responsible for the damages due to non-clearance of the letters of credit (LCs) and urged to address the problems of the traders.
The committee chairman inquired regarding the power concession regimes for industries that have export potential. The committee was of the view that the power sector should give 100 percent concessionary benefits according to the figure for export.
The ministry officials said that analytic work is being done in order to provide a concessionary regime to the export sector. The committee has also directed to hold meetings with the central bank on policy reforms.
The meeting was attended by Senate Deputy Chairman Mirza Muhammad Afridi, Senator Mohammad Abdul Qadir, Senator Palwasha Muhammad Zai Khan, and Senator Fida Muhammad. Senior officials from the Ministry of Commerce and other attached departments were also in attendance.
