The govt has proposed a new Bankruptcy Law as part of its latest Industrial Policy. This move aims to help struggling businesses survive difficult times.
Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar, shared the announcement during a meeting with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The delegation praised the govt for the successful formulation of the Industrial Policy.
The proposed Bankruptcy Law will offer businesses a one-year grace period to repay debts. This will provide relief to debtors and encourage businesses to continue operating without immediate financial pressure.
Akhtar said the govt is committed to supporting the private sector. He highlighted that a stakeholder committee has been formed to oversee the implementation of the policy. This committee will be backed by eight sub-committees focused on various aspects, including infrastructure development.
The govt hopes this new law and the Industrial Policy will promote sustainable industrial growth in Pakistan. The proposed framework aims to improve the business environment and address challenges faced by companies.
Business leaders discussed several hurdles they encounter during their meeting with the SAPM. The govt assured them that their concerns will be addressed through the new policy measures.
This initiative is part of the govt’s broader strategy to boost industrial output and economic stability. By providing businesses with more flexibility in debt repayment, the govt aims to reduce the risk of bankruptcy and job losses.
Overall, the new Bankruptcy Law under the Industrial Policy reflects the govt’s efforts to strengthen Pakistan’s industrial sector. It signals a positive step toward fostering a healthier business climate and economic growth.
The govt will now work closely with industry stakeholders to ensure smooth implementation of the new regulations. Businesses are hopeful that these changes will offer much-needed support during challenging times.
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