Staff Reporter
Karachi
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said that the industry in the country has been making expansion in various sectors due to business-friendly policies and positive initiatives of the government, as the CPEC round II is generating demand while the construction package has also started giving results.
FPCCI President Mian Anjum Nisar in a statement issued here on Sunday, observed that the SBP’s concessionary financing Temporary Economic Refinance Facility for plant and machinery imports is attracting an overwhelming response, as Rs388 billion loans for 372 projects have been requested to the banks and out of which Rs157 billion for 203 projects have been approved, which is surely good for industrial expansion both in exports and local sectors.
He said that growth in construction sector will have a great impact on economic development and job creation. “We appreciate the efforts of the government to cut power tariff for SMEs which covers almost 90 percent of the industry and especially the efforts of the SBP to promote economic growth in the country and provide liquidity and other support to businesses during Covid-19 are really appreciable.”
He said the central bank has taken various steps to mitigate the impact of corona virus on economic growth. Since the onset of pandemic-related economic pressure, reducing policy rate from 13.25 per cent to 7 percent, besides allowing one-year extension in principal payments along with rescheduling and restructuring of loans without affecting the credit history of borrowers. There are several other measures taken by the SBP to lessen the impact of Covid-19, he added.
