ACCA, STATE BANK COLLABORATE TO SUPPORT SMES IN MULTAN REGION

ACCA has joined forces with the State Bank of Pakistan (SBP) to educate and facilitate SMEs in Multan region in order to support their financial viability and ensure ease of access to finance.

Both the organisations are jointly setting up an exclusive virtual SME clinic to offer an opportunity to small and medium-sized enterprises and aspiring entrepreneurs in the South Punjab region to get expert counselling on how to maintain healthy cashflows amidst the current pandemic and to facilitate their easy access to finance.

The clinic will be conducted by Muhammad Ali ACCA, Assistant Director, State Bank of Pakistan who will share all the resources both the organisations have in place to support businesses, with a focus on raising awareness of how to get access to capital using the formal banking system.

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ACCA’s recent global survey reveals that SMEs are hardest hit by Covid-19 and there’s a need for a collective effort to help their future viability, with 53% of SME respondents indicating managing cash flow is now a problem, compared to 46% in the March survey. SMEs are also more pessimistic about their revenue predictions, with 85% predicting negative revenue compared to the last year. Nearly one-quarter of SMEs are still focused on the short-term period, compared to a tenth of their larger counterparts, due to SMEs having to manage their operating fundamentals to survive.

With more than 227,000 fully qualified members and 544,000 future members worldwide, ACCA is the leading global body for professional accountants which uses its unrivalled connections across the world to act as a global force for the public good by connecting people with fulfilling careers, organisations with the best finance talent, and economies with the ingredients for growth.