The government is devising a policy to support small and medium enterprises (SMEs), retail outlets and the labor force amid the coronavirus crisis. The Adviser to Prime Minister on Commerce and Textile Abdul Razak Dawood revealed this.
He made this announcement on Twitter and said, “I know there is a lot of concern that the big exporters are getting all the focus, this is far from the truth. The bulk of the support will go to the SME, retail outlets and the labor force. I want everyone to be a little patient that in the coming days, a policy will be announced on this subject. In designing the policy, I’m looking at what other countries, like Canada and Bangladesh, have done.”
Data is being gathered from small and medium enterprises by the Finance Ministry. This data taken from different sources will help in providing relief as part of the economic relief package of the government.
SBP and FBR has been requested to provide the data to the Finance Ministry. Rs. 100 billion has been approved by the government as deferred payment of SME and agriculture sector loans.
Furthermore, the adviser said that he wants to ensure that to protect the labor force, all the payments are made to the exporters and businesspeople. Some mechanism of control is to be devised to safeguard the workers interests.
He said, “Rest assured it’s very much on the cards and that too will be unfolded shortly.”