FAISALABAD-State Bank of Pakistan (SBP) Governor Raza Baqir will chair a special zoom meeting on Monday, July 20, with Faisalabad Chamber of Commerce & Industry (FCCI), on the long-delayed issues relating to revival of the sick units.

This was disclosed by FCCI President Rana Sikandar Azam Khan, while addressing a special meeting of the FCCI standing committee on revival of the sick units. “Owners of the sick units will also participate in the zoom meeting,” he added.

The FCCI president said that most sick units were victims of unfavorable and harsh circumstances and we should not treat them like willful defaulters. He said that these units had played a key role in national exports in addition to providing much-needed jobs to the unemployed youth. However, due to global meltdown, non-availability and uncompetitive tariff of gas and electricity as well as historically costlier interest rate of banks were the root-causes of their closure. He offered arranging meetings of owners of the sick units with Abdur Razak Dawood, Advisor to the PM on Commerce. FCCI Standing Committee Chairman Mian Muhammad Latif said that the issues were already in the notice of the SBP and efforts were being made to settle down the issues at the highest level.

He said Prime Minister Imran Khan had also issued directions in this regard as the revival of sick units would help enhance national exports in addition to creating new job opportunities for workers. He also mentioned the constitution of restructuring company, which is also represented by nine major commercial banks.

He said that the FCCI Standing Committee had already completed spade work and hence a proper application on behalf of the FCCI should also be moved to the SBP.

The meeting was also attended by former minister Mushtaq Ali Cheema, Muzammal Sultan, Khalid Habib, Malik Muhammad Anwar and Muhammad Zaigham.