To reduce the effect of lockdowns and business closures on the incomes, the government has announced a special economic relief package worth Rs. 1200 Billion.
To help the industrial sector, it was decided to release tax refunds amounting to Rs100 billion, besides, deferring of the interest payment. Concessional loans will be provided to SME and agricultural sector for which Rs100 billion was set aside.
The Economic Coordination Committee (ECC) has approved the package under the chairmanship Dr Abdul Hafeez Shaikh. As a result 12 million people will receive Rs. 3000 for 4 months
Power consumers using 300 units and gas users with Rs2,000 monthly bills would be facilitated to deposit their bills through three monthly installments.
The price of petrol has also been reduced by Rs 15 for which the government would have to bear the burden of Rs75bn.
The meeting has also approved Rs75 billion to be paid by Federal Board of Revenue (FBR) as sales tax and income tax refund. The amount would help approximately 676,055 beneficiaries by improving their liquidity position.
The ECC approved the supplementary grant of Rs30 billion to the Ministry of Commerce to payback duty drawbacks to textile exporters.
