In the wake of the delay in the export order, State Bank of Pakistan (SBP) has announced a Rs 100 billion refinancing scheme for investors planning new projects so that the economic slowdown caused by the Corona virus To counter the attitude.
At the meeting of the Monetary Policy Committee, Raza Baqir, Governor of the State Bank on Temporary Economic Refinance Facility (TERF), said that the bank plans to provide loan on each project at a fixed rate of 7% over a 10-year period and It will provide a maximum loan of Rs.5 billion for the installation of machinery.
Governorate Bank explained that "Companies will have Letter of Credit by March 31, 2021, to benefit from the credit facility and they can access all manufacturing business except the electricity sector."
The central bank is in touch with the banking sector to detect the impact of the Corona virus on debt payments, he added.
Finance for Hospitals: The Governor of the State Bank launches an RFCC scheme for the health and health of hospitals and centers engaged in the prevention of corona virus across the country.
Raza Baqir said the scheme would provide 3 percent funding to hospitals and medical centers registered with provincial or federal health agencies.
He said the facility could also buy other essential medical devices, including treating coronary virus victims, with the facility.
The total amount of the scheme was Rs 5 billion, while the maximum funding for a hospital was fixed at Rs 20 crore, the Governor State Bank said.
Responding to a question, Raza Baqir said that after examining the preliminary answer, the central bank would increase the volume of these schemes.
Advisory to banks: Meanwhile, the State Bank has also suggested measures to help fight the spread of the Corona virus in all branches of banks, development financial institutions, and microfinance institutions.
Through a notification, the State Bank has advised all financial institutions to raise awareness of the financial sector employees and consumers of the Corona virus and implement government-issued guidelines.
The notice says take precautions to minimize contact with currency notes and other devices.
In addition, the emphasis was on re-evaluating business and developing appropriate remedial plans in the current situation.