EFP asks Govt for One-year extension in Financing Schemes for Industry

KARACHI: Ismail Suttar, President Employers’ Federation of Pakistan(EFP), on behalf of the manufacturers & exporters, has appealed to the government to extend financing schemes like deferred loans and advanced salaries by just one more year, as COVID-19 is not over and business community is still fighting with the effects of the initial shutdown in global trade and industries of the crisis.

In a statement, EFP president, lauded His Excellency, the Prime Minister of Pakistan, for rising to the occasion of the global pandemic and enforcing timely and effective policies that have today brought visible relief to the industries. Packages like the Rs. 1.1 trillion Relief Fund, and the record slashing of policy rate and the timely refunds of sales tax have helped keep the wheels of the economy churning.

“According to the National Industrial Survey conducted by the Economic Council of EFP, the lockdown had compelled 61% of manufacturers to shut down. The survey also revealed that despite having lost revenue equivalent to four months, manufacturers were actually rolling out salaries, which validates the request for extension in financing facilities”, he added.

Ismail Suttar, while expressing hope of a prosperous future in light of the pragmatic measures by the cabinet, requested the Government to consider the proposed One-year more extension in Financing Schemes for the Industry.

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