Security Warehouse

Business News of Saturday, 12 August 2017

Source: 3news.com

Companies to pay back government stimulus package

Companies that are to receive stimulus package from the government will be required to pay back, Deputy Trade Ministry Robert Ahomka Lindsey has revealed.

He told the Public Accounts Committee of Parliament Friday that the amount to be given under the government’s 50 million-dollar National Industrialisation Revitalisation Programme is not a grant to the companies.

The package is geared towards helping the distressed companies to come out of situation, which was the result of the four years of erratic power supply.

Eighty companies have as at July this year, qualified to receive support to boost their businesses.

They were been selected from more than 350 viable but distressed businesses that submitted applications for the programme to the Ministry of Trade and Industry.

“Let’s get it straight for the purpose of this conversation. The stimulus package is not free money. Beneficiaries will have to pay back, because its stimulus not grant” he stated..