SBP approves 609 projects valuing Rs 537.6bn during COVID

ISLAMABAD: The State Bank of Pakistan (SBP), under its refinance scheme for setting up new projects or expansion, approved 609 projects with an amount of Rs537.6 billion for which it received requests for 671 projects with amount of Rs 751.26 billion.

While the Central bank under its refinancing scheme for protecting businesses from the impact of COVID-19, has so far deferred Rs657.154 billion principal repayments of loans up to one year.

The bank also allowed restructuring or rescheduling of around Rs246.31 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 1,840,242 with outstanding amount of Rs 2.54 billion, it said.

Under its Rozgar scheme for protecting businesses and employees working with them from the impact of COVID-19, the central bank has so far approved Rs238.2 billion for 2,958 businesses.

Meanwhile, the bank under this refinancing scheme for hospitals to combat COVID-19, approved financing of Rs10.1 billion for 43 hospitals so far.As many as 47 hospitals had requested for the financing amounting to Rs15.8 billion.

Furthermore, from March 20, 2020 to March 19, 2021, the Bank had issued fresh currency notes to the commercial banks worth of Rs1.54 trillion.

Similarly an amount of Rs 50.7 billion was quarantined during the period that was received from hospitals, clinics, and pharmacies.

While overall the bank received cash worth of Rs1.51 trillion which was quarantined for 14 days.

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, 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 at easing 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 patients besides, stimulating investment in new manufacturing plants and machinery, as well as modernization and expansion of existing projects.