Business community seeks one-year grace period in loans return
MULTAN: The business fraternity has appealed the government to grant one year grace period against the principal and markup on the long term loans as the current corona epidemic has given a massive jolt to economies and industries.
Talking to APP here on Thursday, former president Multan Chamber of Commerce and Industry (MCCI) and DG Khan Chamber, Khawaja Jalaluddin Roomi said they had sent a letter to Prime Minister Imran Khan, Adviser on Finance Abdul Hafeez Shaikh and SBP governor Baqir Raza in this connection. He said that textile was one of the major contributing sectors to Pakistan's economy with large volume of exports.
He said that government should consider our request to facilitate industrialists so that they could cope up the situation arising out of virus issue.
The quarterly markup, which is due in March, shouldn’t be recovered as this would help us support our human resource structure, he said, adding that export forward bookings should be closed on the rates they were booked.
Foreign Exchange (FE) loans should be closed on the rate it was borrowed without export performance, Roomi suggested.
It is very important in this situation to maintain the deterrent level of all the systems to avoid any financial collapse that won’t be possible to achieve without the support of APTMA based on the requests and consideration, renowned businessman maintained.
He said that they were looking towards Prime Minister Imran Khan and his financial team for consideration of their request. - APP