ISLAMABAD: Chairman of the UK-Pakistan Business Council Mian Kashif Ashfaq on Sunday urged the State Bank of Pakistan (SBP) to provide 180-day time framework for export proceeds repatriation instead of 120 days from the date of shipment.

Talking to a delegation of exporters led by Nasir Husssin, Mr Ashfaq said the recently amended foreign exchange regulations would disrupt the export sector as exporters had entered long-term agreements with their foreign buyers wherein terms had been outlined under the 180-day repatriation model.

He said the Covid-19 pandemic was not over and given its fifth wave hovering around the globe, another economic crisis was imminent that would force the closure of western markets and ultimately badly affect the payment schedule beyond the control of human beings.

Mr Ashfaq urged the SBP to review its decision about curtailing the time framework from 180 days to 120 days.

He said Prime Minister Imran Khan had been fully supportive of the export sector and keen enough for taking bold steps for the promotion of export, but such decisions might reverse what had been achieved in the past.

Published in Dawn, January 10th, 2022