Staff Reporter
Islamabad
Advisor to Prime Minister Adviser on Finance Dr. Abdul Hafeez Shaikh has said that the government is making all out efforts for protection of the Small and Medium Enterprises (SMEs).
Speaking at the inauguration of Secure Transaction Registry in Islamabad on Thursday, Hafeez Shaikh said that the SMEs are producing just ten percent of their total capacity. He said security registry will improve financial aides to SMEs as well as help flourish the smaller and medium industries in the country.
He said the secure registry will especially benefit small industries, which have no moveable property for mortgaging. He said now the small industries can mortgage their moveable properties like machinery. The registry has been inaugurated in collaboration between State Bank of Pakistan and Security Exchange Commission of Pakistan.
Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh also chaired a meeting, which deliberated on the contours of a financial assistance package for the Small and Medium enterprises in the wake of the Corona Virus pandemic.
Minister for Industries, Hammad Azhar and Country Director World Bank also participated in the meeting, according to press statement issued by the Finance Ministry.
The assistance package would explore the possibilities of supporting the small and medium sized enterprises, formal or informal, which are employing 5 to 30 people but have suffered losses due to the recent lockdown.
The ways and means to support the firms to continue their production and to enable them to pay their fixed costs and support their workers were discussed in detail.
The Adviser said that the focus of the scheme should be that the workers attached with these small businesses should not be laid off from their work because of the un-sustainability of the business.
Provision of basic IT related skills to the smaller businesses was also discussed, such skills/ expertise would help the workers as well as the businesses to continue their entrepreneurship in the odd and difficult times.
Head of DFID, Ms. Annabel Gerry also accompanied the High Commissioner, according to press statement issued by the Finance Ministry. He specially thanked DFID on its cooperation in the recent launch of “Secured Transaction Registry”.
