UAE Has Rolled Over $2bn Loan To Pakistan: SBP Governor

KARACHI: Governor State Bank of Pakistan (SBP) Jameel Ahmad on Wednesday said that the UAE has rolled over $2 billion loan and assured the businessmen of facilitating their imports on a suppliers’ credit.

During a meeting with the office-bearers and members of the Karachi Chamber of Commerce and Industry (KCCI), he said that the UAE rolled over $2 billion today.

A large number of importers present in the meeting demanded of the central bank for the immediate release of nearly 5700 containers of import goods, which are stuck at seaports and sought the EFI permission for imports.

Jameel Ahmad assured the tradesmen that the central bank will be facilitating imports made through a suppliers’ credit or on guarantees of international agencies.

However, he made it clear that dollars buying for imports through the local market will make issues further complicated for the country.

He acknowledged that the country is facing a number of challenges, which he said, the SBP is trying to solve in collaboration with the businessmen.

Replying to the traders’ questions, he said that the central bank is seeking a solution to the stuck containers, demurrage issues and LCs.

The SBP has evolved a three-tier import category with essential commodities on the top, followed by pharmaceutical products and medical equipment, and raw materials for the export-oriented sectors on the third place, he said.

He reiterated that the SBP will look into the problems to solve them. However, he said that every import is seen important by the importers and their customers. He urged the businessmen community to put forward their suggestions about which sectors should be prioritized on the imports list.

Jameel Ahmad said that the central bank has approved 35 percent transfer of the total export proceeds into the IT products exporters’ special foreign currency accounts to help facilitate them.

The 35 percent transfer will be mandatory for banks, which the IT exporters can use for a skilled development, marketing and business promotion purpose.