KARACHI: In a letter addressed to Mohammad Ali, Caretaker Federal Minister for Energy, Nighat Awan, Acting President, and Muslim Mohamedi, Acting Senior Vice President of the Korangi Association of Trade and Industry (KATI) emphasized the pressing issue of the delayed disbursement of the COVID Incremental Package Subsidy for Karachi’s industrial sector.

The prolonged delay is causing severe financial distress, with the looming threat of widespread business closures in the area.

Despite the allocation of this subsidy to other regions, industries in Karachi find themselves grappling with challenging financial circumstances.

KATI’s persistent efforts, including a willingness to negotiate on aspects such as the K-Electric (KE) portion, have yet to yield progress towards the release of these crucial funds.

The continued absence of this subsidy poses an imminent threat to the survival of numerous industries in Karachi.

The urgent release of the COVID Incremental Package Subsidy is now imperative to avert the looming risk of industrial shutdowns, which would have far-reaching consequences on the local economy and employment.

Copyright Business Recorder, 2024