As the world is facing the global covid-19 pandemics, global economic recession has not been more obvious. Since, the corona virus outbreak led to lock down, business activities have been severely slowed down. While large and multi-national companies will take a while to settle but the small and medium sized enterprises (SMEs) will be the most affected ones. SMEs have already been struggling in Pakistan due to lack of resources and investment. TECH Pakistan has always stepped up to support the SMEs. We understand that they operate in a lean structure and have tight profit margins.
SMEs need funding for survival
The whole economic scenario spells a terrible news for Pakistan’s economy, even worse reality for entrepreneurs. The small to medium sized companies contribute a lot to our economy and generate value and employment on the same hand. Despite of cutting some expenses, an enterprise is still responsible for fixed costs such as rent, labor wages, equipment costs and taxes. It is expected that a lot of these SMEs will shut down due to financial constraints.
State owned parties and policy makers of different countries have already taken this matter under consideration. They are seeking out initiatives and measures to help and support the small and medium sized enterprises. TECH Pakistan requests the government of Pakistan, Prime Minister Imran Khan to accommodate SMEs in the regard. The needful organizations should be provided with interest fee loans on relaxed terms and conditions. TECH Pakistan believes that this will not only benefit the organization but the country’s economy as an outcome.
TECH Pakistan appreciates the initiatives of the government. We also ensure and affirm complete support and we will be making any contribution required. Many organizations and individuals are coming forward to make their contribution in service, cash and kind. It is credible that our nation has taken up the challenge and everybody is initiating and taking steps to support the country at this time.
The small and medium enterprises are a source of employment for many and revenue generation foe the economy. Closure of these companies, will cause a chaos and distress around the country. This problem, if not dealt with attention will also lead to several other crisis.