ISLAMABAD: The State Bank of Pakistan (SBP) has so far approved Rs237.211 billion for 2,949 businesses under its Rozgar scheme for protecting businesses and employees from the impact of Covid-19.

Similarly, under its refinancing scheme for protecting businesses from the impact of Covid-19, the central bank has so far deferred Rs655.27bn principal repayments of loans up to one year.

The bank also allowed restructuring or rescheduling of around Rs199.9bn so far. The number of borrowers that would benefit from this rescheduling relief has risen to 1.5 million, with outstanding amount of Rs2.5bn, it said.

Meanwhile, the bank under this refinancing scheme for hospitals to combat Covid-19, approved financing of Rs7.99bn for 41 hospitals so far. As many as 48 hospitals had requested for the financing amounting of Rs11.77bn.

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

This scheme was aimed to ease cash flow constraints of 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 modernisation and expansion of existing projects.

Published in Dawn, November 6th, 2020