Minister for Industries and Production Hammad Azhar announced that his ministry will be presenting a relief package for the small businesses affected by the coronavirus to the Economic Coordination Committee (ECC).
The minister shared that the package which will be presented tomorrow will be phase one being planned by the government to support small businesses to provide relief amid the pandemic lockdown.
“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
Azhar also shared that ministry is also working on collateral-free financing for SME’s under phase two of the relief package.
He added that under the second phase the government will target and prioritise relief measures for those sectors most affected by the by COVID-19.
Earlier this week, the ECC approved Rs75 billion for targeted payments to the low-income groups, especially labourers and daily wagers most severely 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 labour population already targeted through category Kifalat programme.