SBP incentives keep businesses afloat & prevent unemployment: PM

April 11, 2020: Prime Minister Imran Khan Saturday referring to the State Bank of Pakistan’s (SBP) 'Refinance scheme to incentivize businesses', said that it was part of the government’s policy of balancing between protecting people through a targeted lockdown and ensuring that the vulnerable and needy were provided for.

In a series of tweets, the prime minister expressed the confidence that the SBP's initiatives during the COVID-19 situation would help keep businesses afloat and prevent massive unemployment.

“Today SBP has announced incentives for businesses as part of our policy of balancing between protecting people through a targeted lockdown & ensuring the vulnerable & needy are provided for. The Ehsaas Emergency Cash Prog (programme) is underway & we are seeking to offer business incentives,” he tweeted.

The prime minister said that besides, tax refunds, they had decided to open up the construction sector. The agriculture sector was already opened.

He also tagged a video clip of Governor State Bank of Pakistan Dr Reza Baqir making announcement about ‘Refinance Scheme to incentivize businesses not to lay off their workers during COVID-19 pandemic’.

“With tax refunds & opening up the construction sector while keeping agri sector open. SBP's initiatives for businesses during the COVID-19 will help keep businesses afloat & prevent massive unemployment,” the prime minister further posted on his twitter account.

According to SBP governor, the incentive was launched to help protect the workers and employees from unemployment during the next three months and to encouraging the small and medium businesses not to lay off their employees.

The relevant details about the scheme are available at the SBP website along with the contact numbers for the facilitation of applicants.

The refinance incentive could be availed through banks at 5 per cent mark up rate whereas in case of a tax filer, the mark up rate was fixed at 4 percent. Applications can be moved through banks for availing loans varying between Rs200 million to Rs500 million.

APP