Monday, August 15, 2022

Govt mulls package for small industries in wake of pandemic

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ISLAMABAD: Protecting Small and Medium Enterprises (SMEs) is the government’s top priority, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh said on Thursday.

Speaking at the inauguration of Secure Transaction Registry in Islamabad, he said the secure registry will financially help SMEs as well as flourish the smaller and medium industries in the country. He added it will especially benefit small industries, which have no moveable property for mortgaging.

Hafeez Shaikh said the small industries can mortgage their moveable properties like machinery.

The registry has been inaugurated in collaboration between the State Bank of Pakistan (SBP) and Security Exchange Commission of Pakistan (SECP).

Read More: ECC approves five technical supplementary grants

Meanwhile, Dr Abdul Hafeez Shaikh also chaired a meeting to provide support and cooperation to SMEs in the wake of the COVID-19 pandemic. Minister for Industries and Production Hammad Azhar, representatives of the World Bank, and other government officials attended the meeting.

The meeting discussed a package for small industries, which are providing employment to at least five and a maximum of thirty people.

Dr Abdul Hafeez Shaikh said the government is determined to support the people, who are facing difficulties to meet the cost of their stalled businesses in testing times.

Read More: Rs30 billion allocated to support bank lending to small businesses

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