Minister for Industries and Production Hammad Azhar has revealed that his ministry will table a relief package for the small businesses affected by the coronavirus to the Economic Coordination Committee (ECC) today.
He announced that that the package which will be presented today will be phase one planned by the government to support small businesses to provide relief.
“Millions of small businesses and industries shall benefit from this package once it is approved by ECC and Cabinet,” tweeted the minister.
The ministry is also working on a collateral free financing for SME's for phase 2 of the relief package. That phase would also include targeted/prioritised relief measures for sectors most hit by Covid-19. 2/2
— Hammad Azhar (@Hammad_Azhar) April 26, 2020
He also revealed that he is also working on collateral-free financing for SMEs under phase two of the relief package. Under the second phase, the government will target and prioritize relief measures for those sectors most hit by COVID-19.
Earlier this week, the ECC approved Rs. 75 billion for targeted payments to the low-income groups, especially laborers and daily wagers most affected by the lockdown in the country.
According to a statement released by the government on Wednesday, an estimated six million people are expected to benefit from the scheme in addition to the 12 million laborers already targeted through the Kifaalat program.
The amount was taken from the Prime Minister’s COVID-19 Relief Package of Rs. 200 billion.
ECC also asked the Ministry of Industries and Production and the Poverty Alleviation and Social Sector Development Division (PASSD) to jointly work out a comprehensive mechanism to ensure a transparent and efficient disbursement of support to the deserving.