Businessmen want substantial package: FEBR

The business community has expressed dissatisfaction over the financial package announced by the government to cope with the challenges posed by coronavirus, saying it must have taken more steps to give maximum relief to the poverty-stricken people.
"However, we appreciate the prime minister's incentives for the export industry, demanding to extend the same benefits to the small and medium enterprises (SMEs) which was being affected seriously in the wake of coronavirus pandemic," said President of Friends of Economic and Business Reforms (FEBR) Kashif Anwar on Monday.
He said the government should have brought down the prices of the petroleum products to at least Rs75 per litre by announcing cut of Rs 35 per liter to provide some visible relief to the people. He said the current relief was not enough keeping in view of magnitude of the crisis. He lamented that the government last month had jacked up the petroleum levy on POL products through consumption of two major products of petrol and diesel. The petroleum levy on diesel and petrol was increased which is very unfortunate.
He suggested that the government should have waived off the utility bills for local industry as making the manufacturers pay the gas and electricity bills in installments would ultimately add up to their financial burden.
The business community leader asked the prime minister to extend exporters incentive to also the SMEs sector. He said the small industries and traders had closed down their businesses in the province and were facing immense financial losses amid outbreak of coronavirus pandemic. He demanded of the government to include SMEs in the relief package. He urged the government and the State Bank of Pakistan to reschedule loans disbursed to different business and commercial institutions besides bringing down the markup rate to a single digit.