APBUMA's SOS call to PM for the survival of Value added industry

MULTAN, March 26th:  Syed Muhammad Ahsan Shah, Chairman of All Pakistan Bedsheet & Upholstry Manufacturers Association (APBUMA)  has sent a  SOS call to Prime Minister Imran Khan , Prime Minister's advisor for Finance Dr.Hafeez Sheikh to save Textile industry as well as value added sector  which is major contributor of Pakistani exports. Talking to Mediamen he demanded that government should orders deferring the receipt of banks mark up and demurrages for at least six months so that businesses could be able to sail through the current difficult situation that would provide business community some relief in this tough situation. He said that in the prevailing conditions, it was difficult for businessmen to meet the domestic orders and added that cut in the utility charges for commercial and industrial consumers would reduce their problems to some extent.Ahsan Shah has hailed the decision of the government to reduce the prices of petroleum products by Rs.15 per litre as it would provide good relief to the inflation-stricken people and demanded that government should further cut the interest rate to bring it down to 5 percent in order to ease the problems of business community that has been badly hit by the emerging crisis caused by the coronavirus. He said that business community was expecting significant cut in the interest rate, but SBP has reduced policy rate by only 1.5 percent, which was not enough in the prevailing conditions.He stressed that government should bring down policy interest rate to at least 5 percent that would provide significant relief to the business community in these difficult times. He welcomed the stimulus package announced by the Prime Minister Imran Khan and said that business community would be able to give its full reaction on it after revelation of its full details.Syed Muhammad Ahsan Shah said that Government had promised to pay refund claims within 72 hours under "FASTER"System but it failed to fulfil its commitment  and no refund was cleared during last six months .This situation has created a liquidity crunch for the exporters. He suggested that Government should develop a state of trust between the exporters and the tax managers .However, he said that government should also reduce the prices of gas and electricity for commercial and industrial consumers and allow them to pay these bills in instalments so that businesses could cope with the current crisis situation. He further said that many industrial units have made required payments of imported raw material, but due to restrictions on transportation, their raw material was lying at ports while they have to pay banks mark up and demurrage charges.He said that  Bangladesh government given a  garments owner for workers salaries 5000 crore taka and Bank payment, electricity bill, gas bill deferred till June 2020 due to the pendemic Coronavirus which had shattered the global economy.

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