Islamabad: In a letter written by the Engineering Development Board (EDB) to the ministry, the board urged the government to emphasize the import of steel-related items and steel scrap by permitting the opening of Letters of Credit (LCs) for the sector. The news was reported on 13th March 2023.
EDB stated in the letter that it has examined the predicament of the steel sector and requested the government to sustain the State Bank of Pakistan’s (SBP) policy of optimizing steel and its products.
EDB believes importing raw material that is not locally manufactured should not be restricted at the initial import stage. The purpose is to brace and provide a level playing field to the municipal manufacturing industry. The delay in the opening of LCs will conclude in stopping all construction activities inside the country, resulting in widespread unemployment.
An unprecedented rise in steel product prices has been noticed, resulting in the halt of construction processes. The State Bank of Pakistan (SBP) has banned the import of citing financial constraints and all steel products.
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