Business community welcomes government plan to support SMEs sector

ISLAMABAD, Apr 20 (APP):Business community on Monday hailed the government decision to evolve comprehensive strategy plan for supporting the Small and Medium Enterprises (SMEs) and to minimize the bad impact on small businesses in current challenging situation of COVID -19.
While talking to APP here, President Islamabad Chamber of Commerce and Industry (ICCI), Muhammad Ahmed Waheed appreciated the Adviser to Prime Minister Abdul Razak Dawood,s statement for announcing a comprehensive plan to provide the relief to the coronavirus-hit small medium enterprises (SMEs).
He said that due to the COVID-19, small business had been closed for the last one month.
He said due to closure of SMES, workers were also without work, whose day to day food needs were being met by owners.
He said the SMEs were the backbone of national economy and the the government should give them an ease on priority basis.
Ahmed said the State bank of Pakistan (SBP) had increased the regulatory limit on extension of credit for the SMEs that were a good step.
He said many SMEs had obtained loans from banks for expansion and new investment and their repayment along with mark-up should be deferred for three to six months.
Vice President, Federation Pakistan Chamber of Commerce and Industry (FPCCI), Qaiser Khan Daudzai while talking to APP appreciated the steps taken by the government to facilitate the Small and Medium Enterprises (SMEs) in current challenging situation of COVID-19.
He also welcomed the statement of the adviser, Abdul Razzaq Dawood to give supportive edge to Small and Medium Enterprises (SME’s) sector.
He further said that, there would more sound steps require to initiate proper mechanism for giving relief to SME’s and to safeguard their business interest in terms of their necessary payments to concerned Venders, Utilities, Rental and Wages.
He also emphasized for transparent transfer of public funds to SME’s sector are facing severe liquidity problem particularly in the current scenario of Lockdown during COVID-19 pandemic.
Qaisar Khan stressed for announcing separate bailout package for SME sector including freezing their payment against markup on loans and taking other serious steps in this regard.
He further expressed that the gradual opening of all SMEs, retail shops would further boost the business and economic activities which will bring the economy back on track.
The steps taken by government will lead to revival of economy in this critical condition, he said.
He hails the decision of Prime Minister Imran Khan to open export oriented industry and particularly the construction and allied Industry which will help to overcome socio-economic crises due to Covid-19 lockdown situation

The post Business community welcomes government plan to support SMEs sector appeared first on Associated Press Of Pakistan.

Reference: http://app.com.pk

Leave a Reply

%d bloggers like this: