Karachi: Amid ongoing financial tensions, the President of the Karachi Chamber of Commerce and Industry (KCCI), Iftikhar Ahmed Sheikh, has intensified calls for the government to expedite the release of Rs33 billion in pending funds designated for incremental electricity consumption during the COVID-19 pandemic, aiming to alleviate the hardships faced by local industries.

According to Karachi Chamber of Commerce and Industry, these funds are part of a broader Rs42 billion package intended to support industries severely impacted by the pandemic. However, only about Rs7 to Rs9 billion have been disbursed, leaving a significant amount outstanding. Sheikh highlighted that the funds for incremental electricity usage were allocated for the fiscal years 2021-22 through 2023-24, but delays have particularly affected Karachi, despite its major contributions to the national economy in terms of revenue and exports.

The KCCI President pointed out the stark disparity in the distribution of these funds, noting that while other regions of the country have received their allotted shares, Karachi, which generates over 68 percent of the national revenue and accounts for more than 54 percent of Pakistan’s exports, has been notably shortchanged. This discrepancy has exacerbated the challenges for small and medium-sized enterprises (SMEs) in the city, pushing many to the brink of collapse due to the high cost of doing business.

In his statement, Sheikh appealed to Prime Minister Shehbaz Sharif and Minister for Energy Sardar Awais Ahmed Khan Leghari to intervene and instruct K-Electric to release the outstanding funds promptly. This action, he believes, is essential not only for the survival of Karachi’s business sector but also for the broader economic recovery efforts.