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Govt won’t allow businesses to go bankrupt amid corona crisis: Razak Dawood

Govt won’t allow businesses to go bankrupt amid corona crisis: Razak Dawood

ISLAMABAD: The government will not allow businesses to go bankrupt due to cash flow crisis, the Adviser to Prime Minister of Pakistan for Commerce, Industry and Investment Abdul Razzak Dawood assured Pakistanis.

In a video message addressing his countrymen on social media, the advisor said that he is informed of the difficulties being faced by Pakistanis after provinces have imposed lockdown to curtail the spread of coronavirus, and in-process halting the economic activities.

“I want to tell you that the Government of Pakistan will take care of your liquidity and cash flows, and I want to assure the businesses that the government will not allow cash flow issues. We will not allow our businesses to go bankrupt due to cash flow basis, the government will provide full support and InshaAllah we will emerge victorious from these problems,” Dawood said in his message.

The advisor further said that he will take care of the issues highlighted by businessmen including that of banking, cash flows, and electricity. He further said that the government program is not only for exporters but for SMEs, retailers and especially for daily wage earners.

The statement comes days after Prime Minister Imran Khan announced Rs1.2 trillion economic relief and stimulus package. The program seeks to provide relief to vulnerable, support to poor, Small and Medium Entrepreneurs (SMEs), said Federal Minister Hammad Azhar.

The government has also slashed POL prices by Rs. 15 per liter. He said that 12 million people will receive Rs3000 for 4 months, whereas, Rs50 billion have been set aside for utility store corporation.

The government has also gone for concessional loans to SME and Agriculture sector and reduction of taxes on essential commodities also decided, he said.