Package for small businesses to be presented before ECC tomorrow: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs, Hammad Azhar had said that his ministry would present a support package for small businesses to the Economic Coordination Committee (ECC) tomorrow (Monday) to help reduce the economic impact of the COVID-19 epidemic.

In a series of tweets Azhar said “That phase would also include targeted/prioritised relief measures for sectors most hit by COVID-19.”

He further wrote “millions of small businesses and industries shall benefit from this package” once approved by the Cabinet and the ECC.

Tomorrow, the Ministry of Industries & Production shall table in ECC the phase one of:

'چھوٹا کاروبار امدادی پیکج'

Millions of small businesses and Industries shall benefit from this package once it is approved by ECC and Cabinet. 1/2

— Hammad Azhar (@Hammad_Azhar) April 26, 2020

Azhar also informed that his ministry was developing a collateral-free financing scheme for small- and medium-sized enterprises (SMEs) for a second phase of the relief package.

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

According to a statement released by the government, an estimated six million people were expected to benefit from the scheme in addition to the 12-million labour population already targeted through the Kifalat programme.

The statement had said Federal Minister for Economic Affairs, Hammad Azhar, alongside the Poverty Alleviation and Social Sector Development Division were tasked to jointly work out comprehensive strategies and modalities to make sure a transparent and competent disbursement of support to the deserving people in the country.