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Rs1.2tr stimulus package aimed at supporting poor, helping industry: Hammad Azhar

ISLAMABAD: Economic Affairs Minister Hammad Azhar said on Tuesday the government has prepared an economic relief and stimulus package worth Rs1.2 trillion as a support mechanism for to poor and to help the local industry amid the ongoing lockdowns across the country to counter the coronavirus.

In a Twitter post, Azhar said the package "seeks to provide relief to vulnerable, support to poor, SMEs [small- and medium-sized enterprises], industry".

The relief package also includes "deferment of utility bills of lower-income grips, principal + interest for businesses, reduction in fuel prices and more".

According to Azhar, the salient features of the package are:

• Petrol and diesel prices to be reduced by Rs15 per liter

12 million individuals to receive Rs3,000 for four months

• Rs50 billion sets aside for Utility Stores Corporation of Pakistan (USC)

• Concessional loans to SMEs and agriculture sector

• Taxes cut on essential commodities and more

• Electricity bills for the current month to be converted to installments payable over the next three months (applicable to those consuming 300 units or less, or 70% of consumers)

• Gas bills for the current month to be converted to installments payable over the next three months (applicable to 80% consumers)

• Deferment of loans (principal and interest inclusive) for SMEs, industries, and agricultural sector

• Government to provide risk guarantee to banks for fresh loans to SMEs

• An emergency fund worth Rs100 billion to be maintained

• NDMA to receive Rs25 billion for COVID-19 responses.