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Pakistan

PM Khan to launch SMEs relief package today

The Economic Coordination Committee (ECC) of the Cabinet approved the prime minister’s relief package of Rs50.69 bi
02 May 2020
  • The Economic Coordination Committee (ECC) of the Cabinet approved the prime minister’s relief package of Rs50.69 billion for small and medium enterprises (SMEs).

Prime Minister Imran Khan will launch the “Chota Karobar- o-Sannat Imadadi package” for small and medium enterprises (SMEs) on Saturday.

Just days ago, the Economic Coordination Committee (ECC) of the Cabinet approved the prime minister’s relief package of Rs50.69 billion for small and medium enterprises (SMEs) through pre-paid electricity and credit loss subsidy of Rs30 billion for the risk-sharing facility for the State Bank of Pakistan’s (SBP’s) refinance scheme to support employment and prevent lay-off of workers.

As per details, over 3.5 million were estimated to benefit from the scheme, whereas total SMEs in the country was estimated at 5.2 million.

The package was prepared by the Ministry of Industries and Production in consultation with Small and Medium Enterprises Development Authority (SMEDA) with the objective to provide financial support to approximately 95 percent commercial consumers with connected load up to 5KW and 72 percent of industrial consumers with a connected load of up to 70KW.

Under the package, commercial consumers would be given support up to Rs100,000 and industrial consumers up to Rs450,000 for three months for May-July 2019 based on estimated electricity consumption and for those meters whose electricity consumption data is not available for the full base period, the appropriate average will be used.

PM Khan will also launch a web portal today to register and provide assistance to those who have lost their jobs due to coronavirus pandemic. To mobilize additional resources, the Prime Minister has set up a COVID-19 Relief Fund. These funds will be disbursed to those who have lost their jobs as a result of COVID-19 crisis.

Ehsaas Emergency Cash of Rs12,000twelve will be given to these individuals.