President of Korangi Association of Trade Industry (KATI) Faraz-ur-Rehman welcomed the decision of the government and State Bank to lift the ban on LCs and termed it as optimistic for the economy. He said that the government had accepted the long-standing demand of the business community, and the ban had created a shortage of essential raw materials, creating fears that the export sector would also be adversely affected. Rehman said that this decision had ended the ongoing crisis in the country, and soon the raw materials stuck at the port would be cleared, which is likely to increase exports.

The implementation of the No Involved Remittance clause in LCs will not affect the foreign exchange reserves; however, if the government relaxes the condition of prior permission from the State Bank, the difficulties of the industry will be further reduced, which will help in increasing the inflow of foreign exchange in the country, he added.

President KATI said that the government’s decision had saved millions of jobs. The industry is hoped to soon stand on its feet and become economically stable. Faraz-ur-Rehman further said that now the rumours of the default of the country will end. President KATI further said that the government should formulate an economic policy in consultation with industrialists and other stakeholders to ensure the use of valuable foreign exchange in development works.

Photo Caption: President of Pakistan Dr. Arif Alvi, in recognition of services by Founder KATI Late Haji Fazal-ur-Rehman presenting crest to his son Farhan-ur-Rehman, SM Tanveer, Faraz-ur-Rehman, Senator Abdul Haseeb Khan and Masood Naqi can also be seen