Budget Provides an Additional Rs 60 billion Relief to Private Sector: FinMin

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Budget Provides an Additional Rs 60 billion Relief to Private Sector: FinMin

Finance Minister Dr Yuba Raj Khatiwada has said that the budget has offered an additional Rs 60 billion in relief to businesses. "The relief will be provided in the forms of cash, subsidy, tax and fine discounts and concessional loans and the cumulative amount would reach Rs.60 billion," he said in a post-budget interaction with financial journalists organised at the Ministry of Finance on May 29.

According to Dr Khatiwada, the refinancing facility to the businesses amounts to Rs 20 billion and the government will mobilise Rs 14 billion to subsidise the interest of the business loans. The government in the Federal Budget for FY 2020/21 has announced to provide business loan at 5 percent. The rest of the interest, which is about 6-7 percent, will be paid to the banks and financial institutions by the government. The finance minister said that the tax concessions would provide a benefit of Rs 6.5 billion to the private sector.

"The government will pay the social security contributions of the private sector workers for the lockdown period," Dr Khatiwada said. He said the budget was labour-centred and aims to create jobs, provide social security and relief to the workers. "We aim to create about 500,000 additional employments in various sectors like business, industries, infrastructure and self-employment," he said. (RSS)

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