SCCI chief for special monetary package for SMEs

The business community in Khyber Pakhtunkhwa here on Wednesday hailed the PM financial relief package and demanded to extend same special monetary package for small medium enterprises (SMEs) sector, which also adversely affected in wake of coronavirus pandemic.
The demand was made by president of the Sarhad Chamber of Commerce and Industry, Engr Maqsood Anwar Pervaiz while addressing small industrialists and traders through video link here from the chamber house.
SCCI chief said that the small industries and businesses have closed down and are facing immense financial losses amid outbreak of coronavirus in the province. Therefore, he demanded of the government to include small and medium enterprises (SMEs) in the recently announced PM economic relief package in order to avoid them from further fiscal loss.
He termed the reduction of 1.5 percent in interest rate announced by State Bank of Pakistan (SBP) as insufficient to mitigate the sufferings of businessmen and investors, called to bring down the markup rate to single digit in upcoming fiscal budget for 2020-21 in the larger interest of trade, industry and economy.
He also demanded the two weeks extension in payment of electricity and gas bills of small industries as well as deferment loans of commercial institutions worth billions of rupees, whereas he also called to bring reduction in taxes, especially for small and medium industries and businesses.
SCCI president furthermore urged the government and State Bank of Pakistan to rescheduled loans which had disbursed to different business and commercial institutions and bring down markup rate to single digit.
While praising decision of Prime Minister Imran Khan for issuance of refunds payments, he said the decision should be implemented with letter and spirit to ensure timely issuance of payments of refunds to industries, exporters and importers. He also demanded the reduction in electricity and gas tariffs to give boost to industrialization and generate more employment opportunities in the country.