KARACHI – The ACCA (Association of Chartered Certified Accountants) Global Forum for SMEs has said in its new Global Agenda on access to finance for SMEs, that more co-ordinated and consistent efforts are needed when it comes to SME financing policy, says a press release.
Mexico, which holds the Presidency of the G20 for 2012, has put fostering financial inclusion to promote economic growth among its five priorities for the G20 summit this year. The Global Forum’s agenda outlines the challenge facing the G20 in these areas, saying that SMEs around the world need but are not receiving $4 trillion in financing and that official ‘SME’ or ‘enterprise’ policy forms only a small part of the actual policies relevant to the development of SMEs.
The Global Forum calls for more attention to be given to how central government departments, particularly those departments responsible for fiscal policy, justice or employment law have an impact on SMEs’ access to finance through their decisions on tax policy on equity funding, setting up or developing better access to efficient credit information facilities right through to well-functioning property and contract law frameworks.
In Pakistan and in most developing economies, the issues and problems faced by SME businesses are fairly similar. There is a definite need for establishing training / financial management /
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