ISLAMABAD: The State Bank of Pakistan (SBP), under its refinancing schemefor protecting businesses from the impact of COVID-19, has so far deferredRs657.16 billion principal repayments of loans up to one year.
The bank also allowed restructuring or rescheduling of around Rs225.5billion so far, according to the updated data of the central bank.
The number of borrowers that would benefit from this rescheduling reliefhas risen to 1,631,257 with outstanding amount of Rs 2.528 billion, itsaid.
Under its Rozgar scheme for protecting businesses and employees workingwith them from the impact of COVID-19, the central bank has so far approvedRs238.2 billion for 2,958 businesses.
Meanwhile, the bank under this refinancing scheme for hospitals to combatCOVID-19, approved financing of Rs9.07 billion for 42 hospitals so far.
As many as 46 hospitals had requested for the financing amounting to Rs13.8billion.
With respect to progress on refinance scheme for setting up new projects orexpansion, the central bank approved 363 projects with an amount of Rs300.3billion for which it received requests for 548 projects with amount of Rs622.2 billion.
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Furthermore, from March 20, 2020 to January 15, the Bank had issued freshcurrency notes to the commercial banks worth of Rs1.3 trillion.
Similarly an amount of Rs 41.2 billion was quarantined during the periodthat was received from hospitals, clinics, and pharmacies.
While overall the bank received cash worth of Rs1.26 trillion which wasquarantined for 14 days.
It is pertinent to mention here that in order to combat the impact ofCOVID-19 and to help the businesses in payment of wages and salaries totheir workers and employees and thereby support continued employment inthis challenging environment, State Bank of Pakistan (SBP) has introduced atemporary refinance scheme for payment of wages and salaries to the workersand employees of the business concerns.
This scheme was aimed at easing cash flow constraints of the employers andthereby avoid layoffs. In addition, the SBP had expanded the scope ofexisting refinancing facilities and introduced a scheme to supporthospitals and medical centers to purchase equipment to detect, contain andtreat COVID-19 patients besides, stimulating investment in newmanufacturing plants and machinery, as well as modernization and expansionof existing projects.
