Business Community Is At Verge Of Destruction, Government Should Affirm Bankruptcy

The business community is on the verge of collapse; the government should confirm bankruptcy

Imran Zakir

KARACHI: Sharjeel Goplani Chairman of All City Traders Association and All Pakistan Timber Traders Association while addressing an emergency press conference on Monday held at Karachi Press Club said that due to non-availability of dollars, Pakistani businessmen’s reputation is at stake in the international market and Government will announce the bankruptcy stated by.

Speaking at the press conference he said that the State Bank, Ministry of Commerce, Ministry of Finance should take immediate measures to end the artificial crises of Dollars and Commercial banks have to fulfill the agreements with the business community and provide dollars to the open market and banks in abundance.

The Ministry of Finance has to take serious notice of poor performance of the State Bank and commercial Bank because Pakistan’s businessmen are being defamed by them that due to having obstruction to open LCs our Shipments were struck at ports, paying demurrage and detention charges in dollars to foreign shipping companies and port terminals.

He said that there is no comprehensive Shipping policy in the country which can save our business interests and safeguard our rights.
Despite having forests and sufficient wood, we are still importing timber wood due to negligence of the Government where deforestation is in progress. Pakistan is already worst affected by Climate change and disasters but our Ministry of Climate Change is sleeping.

He said that at this time in the banks Dollar rate is 225 to 230 rupees in the open market but the dollar is not available at the rate of 248 to 250 rupees, while abroad the dollar is 252 or more. During General Musharraf regime there was no loan from the IMF, but the subsequent governments took huge loans from the IMF, which brought the country close to bankruptcy.

The governments created economic instability. The self-created governments did not pay any attention to the industry, markets, imports and exports. In the current situation of the country, the State Bank instructed the commercial banks to detain our money.

On the one hand, the Overseas Pakistanis who send billions of dollars are being harassed and they have adopted illegal channels for sending Remittances.

Smugglers who are destroying the country economically have been given an open license to smuggle goods from our Western borders, destroy our local industry and the Government lost billions in revenue collection.

Mohammad Sharjeel Gopalani further said in his statement that if there is any problem in relation to dollars, the businessmen should be taken into confidence, if they want to bring in dollars, then a system should be made by sitting with us in order to avoid the situation like Banana Republic.

Muhammad Sharjeel Gopalani added in his statement that we have repeatedly warned that the country is being made into an African state and is heading towards it. The withholding tax that was imposed 6 years ago, we said at that time that as a result of this, money will go out of the banks, and the situation will become like that of Africa. If you look at the present, this is the case.

Mohammad Sharjeel Gopalani added in his briefing that immediate steps need to be taken to deal with this situation. So that the economy of the country continues. If the government is not able to provide dollars, it is not the fault of our businessmen. Permit to buy dollars from the open market is allowed to clear our goods from ports.

The government should Provide immediate facility in import of raw material and resolve the issues of Commercial Importers who are paying duties in Billions.

On this occasion, Vice President of Karachi Timber Merchant Group – Sabir Bangash, Simon Baqir Ali of Iron Merchant Association, Chairman Traders Association Merit Road Ahmed Shamsi. Faisal Jan Kabir of All Footwear Traders Association, Zahid Amin of Sindh Lubricant Dealers Association. Haidari Market President – Syed Mohammad Saeed, President Liaquatabad Furniture Market – Haseeb Akhlaq, Chairman Steel Market Association – Chaudhry Ayub. Chairman All Cloth Market Association and Paper Market and Senior Vice Chairman Al City Tajir Etihad Association Yaqub Bali, Tariq Mumtaz Moen from Medicine Market and other trade leaders were present.