Impact of coronavirus on business: ‘Punjab govt devising bailout plan for comprehensive economic stabilisation’

LAHORE: Presiding over the first meeting of Steering Committee on Economic Stabilisation Plan in the wake of COVID-19, Punjab Finance Minister Hashim Jawan Bakht has said the government is cognizant of the economic impact the current crisis will have on businesses.

Adviser to CM on Economic Affairs Dr Salman Shah and P&D Board chairman were also present on the occasion. Three working groups head by P&D Board chairman with defined terms of reference have been constituted.

The steering committee has the representation of experts from P&D Board, Finance Department, Health Department, Punjab Social Protection Authority, DFID, Sub-National Governance Programme, PITB and Urban Unit.

The minister said the government was devising plans for a comprehensive economic stabilisation and bailout plan, health infrastructure and financial needs plan and a social protection plan. He added that the three working groups would chalk out plans in their respective areas to be implemented.

He said the federal government would be approached through the Chief Minister's Office for support especially on COVID-19 related procurement as well as arrangements for the supply of all material like masks, protection suites, sanitisers and lifting of China's SOE controls.

He said that the P&D Board and Finance Department would work in smooth coordination to ensure that departments especially Primary and Secondary Healthcare Department got maximum support and added that in the next few days deliberations would be made for social protections interventions like cash/commodity transfers to most vulnerable people especially daily wagers and those in the informal workplace.

He also said that options of collaboration with private sector were being explored especially in food and logistic service delivery to ensure that citizens d not face any shortage.