ISLAMABAD: Under its Rozgar scheme to shield companies and workers from the effects of Covid-19, the State Bank of Pakistan (SBP) has so far authorised Rs237.211 billion for 2,949 enterprises.
Similarly, the central bank has so far deferred Rs655.27bn of principal loan repayments for up to one year under its refinancing scheme to shield companies from the effects of the Covid-19 Rozgar scheme.
The bank has also allowed approximately Rs199.9bn to be restructured or rescheduled so far. The number of creditors benefiting from this rescheduling relief has increased to 1.5 million, with Rs2.5bn outstanding, it added.
Meanwhile, the bank has approved funding of Rs7.99bn for 41 hospitals so far under this refinancing scheme for hospitals to tackle Covid-19. As many as 48 hospitals have applied for Rs11.77bn of funding.
It is important to note here that the SBP has implemented a temporary refinancing scheme for the payment of wages and salaries to workers and employees of business concerns in order to combat the effects of Covid-19 and to help companies pay wages and salaries to their workers and employees and thus encourage continued jobs in this demanding climate Rozgar scheme.
This system was planned to alleviate workers’ cash flow pressures and thereby prevent layoffs. In addition, the SBP increased the reach of existing refinancing facilities and launched a scheme to facilitate the procurement of equipment for the diagnosis, Rozgar scheme storage and care of Covid-19 by hospitals and medical centers, in addition to encouraging investment in new processing facilities and machinery, as well as modernization and extension of existing programmes.
Published in Dharti Naws, November 6th, 2020