FAISALABAD: The Small and Medium Entrepreneurs (SME) sector is a growth engine for the national economy and the government must ensure its proper representation in the policy-making process with clear directions to the commercial banks to facilitate the applicants.
Addressing an SME clinic, organised by the All Pakistan Bedsheets & Upholstery Manufacturers Association (APBUMA) in collaboration with the State Bank of Pakistan (SBP), Arif Ehsan Malik, central chairman of the Association, said that the global economy had faced severe problems due to COVID-19 pandemic and its ill-effects were still continuing.
He said that the major problem confronted by the SME sector was liquidity crunch and commercial banks must give priority to the sector so that they could exploit their inherent capabilities and enhance their production.
Chief Manager SBP Sarfraz Ahmad Nadeem explained in detail various schemes introduced to facilitate the SME sector. He said that the focus of the SBP was on youth and women, particularly young start-ups, so that they could materialise their innovative ideas into reality in order to revolutionise the economy. He said that the SBP had issued clear directions to the commercial banks to extend liberal collateral free loans to the SMEs. “If they have any complaint, they must bring it into the notice of SBP so that it could be addressed on priority basis, ” he added. He said the SBP was providing loans with a 6 per cent markup for renewable energy projects.
Later, Captain (Retd) Farooq Khan presented APBUMA shields to the SBP managers.