SMEDA CEO WARNED OF TERRIBLE TIMES FOR SMEs URGED TO PROTECT SOLIDLY Financial Daily 16-2-23

The Union of Small and Medium Enterprises (UNISAME) has invited the attention of the chief executive officer (CEO) Farhan Aziz Khwaja of the Small and Medium Enterprises Development Authority (SMEDA) that SME is the majority sector and very badly affected due to no imports because of non availibility of foreign currency for imports.
He said Imports and exports are like warp and weft to an economy and interdependent.
The SME units are facing predicament due to closing of imports of raw and packing materials from global sources.
The economy is collapsing and industries are shutting down, one leading to the closure of another. Resulting in unemployment and non availability of goods.
UNISAME Council said all segments are affected and such a situation demands immediate seeking of suppliers credit through global sources.
Zulfikar Thaver president UNISAME said it is indeed shocking to witness that the government has not taken measures on war footings to ensure that the basic very essential raw and packing materials are imported and funds are arranged accordingly.
The government has to arrange for suppliers credit from world sources and there are no two ways about it. The suppliers credit has to be arranged by mortgaging state assets with international investment companies till the International Monetary Fund (IMF) help is available to enable the industries to get their imported goods to continue manufacturing.
The daily requirements of the the consumer, the daily basic requirements of food, clothing, shelter, medicines, fuel are a must and under no circumstances be avoided.
The question is why the government is not arranging for imports under suppliers credit and not issuing sovereign guarantee and mortgaging property to international funding institutions as it is obvious that goods will need to be imported.
UNISAME Council has urged CEO SMEDA to impress upon the Ministry of Industries and Production (MoI&P) to act promptly and arrange for funds for import of raw and packing materials and save the economy from collapse. UNISAME Council has reminded the CEO that the SME sector is the backbone and if this sector is crippled due to non availability of input and materials it will witness unimaginable disaster.
It is indeed strange that there has been no planning to curtail the adverse situation.

Posted in: Press Releases