KARACHI: Rice Exporters Association of Pakistan (REAP) Senior Vice Chairman Noman Ahmed Sheikh said that the Prime Minister’s relief package for the agriculture sector is a move in the right direction, but it will not be able to resolve the current crisis of the rice industry. The recently-approved prime minister’s relief package is going to provide a cushion to the rice industry but the industry wants to rollover its loans until June 2016 so that it can completely come out of the current financial problems. The banks agreed to facilitate the borrowers by allowing them reschedule facilities. However, rice millers later said that the banks were pressurising them in recovering loans. The SBP then clarified that the final decision to reschedule loans is to be taken by the individual banks based on the merit of an individual case.
Published in The Express Tribune, October 18th, 2015.
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