LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has invited Prime Minister attention towards the Primary Food Industry as Corona (COVID-19) specially its second wave, apart from health concerns, has adversely affected the already struggling industry, leading to its potential lockdown.
In a letter to Prime Minister Imran Khan, the LCCI President Mian Tariq Misbah said that Post-covid economic meltdown, high inflation rate, high cost of production and other related causes have resulted in making the industrial produce out of the reach of the common consumer and consequently the industrial sector is suffering from heavy losses and is facing closure of their businesses..
The LCCI President said that in this scenario the Industrial sector and Primary Food Industry desperately need a bailout package to survive. Needless to say, the private sector is one of the major employment providers to the middle and lower middle class of our country, which perhaps is more than the ¾ of the total population of our country.
Mian Tariq Misbah said that all the affected countries of the world are giving bailout packages to support their Industrial sector. The repayments of all present loans and due mark-up should be rescheduled and repayment be deferred for a period of two years.
The Banks/ DFI’s may be restrained from taking any coercive measures for repayment of existing bank loans during this two years period, and not pursuing existing legal actions or taking new legal actions against the sickened Industrial sector so that the industry is afforded an opportunity to regain its productivity enabling it to repay its due loans. The banks be directed to reschedule the due loans and Mark-up without imposing further conditions. Soft loans ommensurate to the size and need of the affected industry.
Grants to pay off the salaries of the employees and unpaid utilities bills due from the distressed industry. The said salaries and utilities bills could not be paid because of the prevalent economic crisis.
At this critical stage, the Banks that are perhaps the only sector that is making profits should play their role and provide supportive relief to the stricken food industry. The Banks’ support will help in avoiding unemployment and save the economy of Pakistan.
