The holy month of Ramadan is just around the corner. But, just like the general public, retailers are also feeling the heat of the now month-long lockdown.
As per reports, many retailers are facing a financial crisis so severe that they are unable to buy stock for Ramadan.
In order to resolve their issues, the federal government has decided to announce a relief package for the retail sector in the coming weeks.
Advisor to Prime Minister on Finance, Dr. Abdul Hafeez Sheikh, has formed a committee to form upon a comprehensive package that may include tax relief and other incentives for the sector.
The outline for a stimulus was finalized during an online meeting with a delegation of the Retails Association of Pakistan (RAP), a statement from the finance ministry said.
The RAP representatives lamented that the COVID-19 lock had hit them hard and their businesses have come to stand still while the stocks lying in stores and warehouses are approaching their expiry dates.
He (adviser) directed the committee to follow a quick-action approach to decide the mechanism of support.
The government has reportedly agreed to bail out the retail sector, which is already expected to show negative growth during the current fiscal year.
The relief package is expected to be finalized before the start of Ramadan.