Bankers, borrowers urged to show flexibility for revival of sick units

FAISALABAD: Governor State Bank of Pakistan (SBP) Reza Baqir Friday said bankers and borrowers should show maximum flexibility for immediate revival of sick industrial units.Addressing a zoom conference with the Faisalabad Chamber of Commerce & Industry (FCCI) members on a specific issue of sick industrial units, the SBP governor said:"The Covid-19 has put negative impact on the national economy and we must take necessary measures to generate and accelerate the industrial activities as it is a prerequisite to produce exportable surplus in addition to create much needed jobs for the youth.

"He said the SBP was already making efforts to revive the sick units as it was a shortcut to catalyze the national economy. “In this connection, bankers and borrowers have been brought on the same table”, he said and added that" Now our efforts are focused to make these meetings result-oriented and meaningful so that the closed units could be revived without any further delay.

"Immediately consulting new Deputy Governor Mrs Sima Kamel and other officials, he assured Rana Muhammad Sikandar Azam Khan, the President FCCI, that meetings between bankers and borrowers would be arranged to revive the sick units as soon as possible.

On the occasion, Rana Sikandar Azam Khan said a list of sick units, their liabilities and possible remedial measures had already been communicated to the SBP and Corporate Restructuring Company (CRC).

He appreciated the role of the governor SBP in prudently handling the issues and invited him to visit Faisalabad at an early date. He hoped that a meeting between concerned banks and owners of the sick industrial units must be arranged after Ashura Muharram. The meeting was also attended by Mushtaq Ali Cheema, former textile minister, Azhar Majeed Sheikh, Khalid Habib and owners of other sick units.