In a nice gesture, the Indus Motor Company (IMC) has announced that it will provide a short-term interest-free emergency loan to all vendors. This will allow them to have a semblance of liquidity in this lockdown period; these loans will be available from May 2020.
Due to the Covid-19 outbreak, people all over the world have been hit hard and Pakistan’s auto industry is no different from an industry-wide shutdown. This is a commendable gesture from IMC that has said that the vendors are Toyota’s family.
Mashood Khan, the ex-chairman of PAAPAM; Director of Mehran Enterprise (parts manufacturer) & vendor of IMC, said “We highly appreciate the financial support given to the vendors. Indeed we face an acute financial crunch which will hopefully be resolved by this step of management.”
He added that they had tried to approach the government with their difficulties and to ask for some relief but their pleas went unheard and unanswered. He added that, “We hope other OEM including Chinese OEM assemblers will take the same step to support the vendors and urged the vendors to not exploit the offer rather respects it.”
According to another vendor, the company under the leadership of the late Ali Habib has always helped its suppliers and vendors as a family. It is heartening to see this legacy continue.
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