SBP approves Rs 237.2 billion for 2,949 businesses under Rozgar scheme

November 5, 2020: The State Bank of Pakistan (SBP) under its Rozgar scheme for protecting businesses and employees working with them from the impact of COVID-19, has so far approved Rs 237.211 billion for 2,949 businesses.

Similarly, under its refinancing scheme for protecting businesses from the impact of COVID-19, the central bank has so far deferred Rs 655.268 billion principal repayments of loans up to one year.

The bank also allowed restructuring or rescheduling of around Rs199.9 billion so far, according to the updated data of the central bank.

The number of borrowers that would benefit from this rescheduling relief has risen to 1,476,938, with an outstanding amount of Rs 2.5 billion, it said.

Meanwhile, the bank under this refinancing scheme for hospitals to combat Covid-19 approved financing of Rs7.99 billion for 41 hospitals so far.

As many as 48 hospitals had requested the financing amounting to Rs11.77 billion.

It is pertinent to mention here that in order to combat the impact of COVID-19 and to help the businesses in payment of wages and salaries to their workers and employees and thereby support continued employment in this challenging environment, the State Bank of Pakistan (SBP) has introduced a temporary refinance scheme for payment of wages and salaries to the workers and employees of the business concerns.

This Scheme was aimed to ease the cash flow constraints of the employers and thereby avoid layoffs. In addition, the SBP had expanded the scope of existing refinancing facilities and introduced a scheme to support hospitals and medical centers to purchase equipment to detect, contain, and treat COVID-19 besides, stimulating investment in new manufacturing plants and machinery, as well as modernization and expansion of existing projects.

APP