Federation Pakistan Chamber of Commerce and Industry's (FPCCI) president Mian Muhammad Adrees has felicitated State Bank of Pakistan as a regulator for the up-gradation of credit rating of Pakistan banking system from negative to stable by Moody's, saying it reflected the confidence in our banking system that remained safe due to prudent policies.
In his welcome speech on the occasion of Federal Finance Minister Ishaq Muhammad Dar's arrival at the Federation House, Mian Adrees also lauded the SBP's cooperation to the exporters who could not achieve their export performance under ERF II during 2014-15 due to warlike situation in Syria & Yemen and inactive banking & logistic facilities.
He asked for giving relaxation to those exporting to Syria and Yemen for not being able to achieve export performance targets in 2014-2015 due to prevailing warlike situation in those countries. He hoped that the FBR will corporate with business community and resolve the issues being faced by the FPCCI. Chief Executive of Trade and Development Authority (TDAP) S. M. Muneer, expressed his happiness over presence of officials of Ministry, SBP, FBR and banks on the occasion.
Discussing the issue of declining Pakistan exports, he identified the issues concerning resource allocations for boosting exports and hindrances being faced by exporters and in this connection he urged the FBR to provide relief to exporters. Voicing his concern over delay in refunding income tax, he said that there is no smooth procedure in FBR for the business community.
Chairman of the FPCCI Standing Committee on Banking Credit & Finance Dr Ikhtiar Baig regretted that the private sector's lending has dropped by 63 per cent in July to October 2015, thereby defying Central bank's efforts to boost the private sector credit. The private sector off-take has been decreased by Rs 21.46 million during July to October 2015, he said, adding that despite 3.5pc cut in the discount rate since November last year, fall in inflation and stable exchange rate were not instrumental in boosting the private sector credit and as such the growth remained subdued.
He further pointed the rising cost of doing business was pushing the textile industrialists to shut down their units and hence the business community was not optimistic for increase in demand of private sector credit for industrialisation in the near future.
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