Tarig Yousuf, chairman of the Karachi Chamber of Commerce and Industry, said nearly 90 per cent of the more than 5,700 parked containers were at private terminals, with the rest at the state-owned ports of Karachi and Qasim.(Pakistan International Shipping Information)

KPT and PQA have waived demurrage charges and the government has asked private terminals to follow suit. In his statement, Mr. Yousuf explained that the business community understands that private terminals and shipping companies are businesses that operate at high costs in a very challenging environment in order to be profitable. However, he argues that they do not have to strive for maximum profits all the time, so they must temporarily give up some of their profitability, which is good for their business in the long run. He called on the government to put pressure on shipping companies and terminal operators to waive demurrage and detention charges in one go.

The chairman of the Businessmen Group, Zubair Motiwalla, said he had discussed with State Bank of Pakistan deputy governor Dr Inayat Hussain the issue of letters of credit at sight to give sellers who regularly export to foreign buyers the quickest way to make payments. Mr Motiwalla said the deputy governor of SBP had promised to resolve the matter as a priority by Monday or Tuesday.

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