English Press Release Gov State Bank of Pakistan 09.09.2020

Regarding Rozgar scheme, he said that it was a foremost duty of State Bank to save the jobs of private sector employees. Hence the State Bank launched refinance scheme to provide loan at 3% to the employee who will retain their jobs during the corona lockdown. Initially this scheme was for three months which was later extended to six months. “Rs.180 billion has been released under this scheme”, he said and told that the borrowers will have benefit of Rs.1000 billion in terms of liquidity.  

He also appreciated the efforts of government to contain the COVID-19 and said that Temporary Economic Refinance Scheme was launched on the pattern of LTF (long term finance). This scheme was initially for five export-oriented sectors only but later it was opened for all sectors so that they could also contribute their role in the revival of national economy. “This scheme is available up to March 30 and hence people must avail from it”, he told.

Regarding sick units, he said that banks generally avoid from indulging in conflicts of commercial nature. However, State Bank of Pakistan is facilitating them so that they could contribute their role in the rehabilitation and revival of sick industrial units. “It will not only help Pakistan to increase its productivity and export but also provide much needed jobs to the jobless youth”, he added.

Governor SBP told that loan worth Rs.5 billion was disbursed through the help desk established in the FCCI which has played an instrumental role in securing the jobs of more than 50,000 workers.

Regarding applications of loan by female entrepreneurs, he told that only 22 percent applications came from Faisalabad.

He told that many more schemes have also been launched to offset the ill impact of corona on our economy and business community must avail from these schemes.

Regarding renewable energy, he told that three categories have been identified for which loans could be provided with 6% interest for a period of 10 years. He told that share of Faisalabad in these schemes is only one percent which is an eye opener for the FCCI.

Deputy Governor SBP Madam Sima Kamil Cheema also explained salient features of different schemes and told that State Bank is bridging gap between the borrowers and banks for the early revival of sick units.

She told that many schemes are also being launched for female entrepreneurs while help desks have also been established in different chambers to facilitate the borrowers. Now SBP is working on a digital, online and automatic portal for the expeditious redressal of genuine complaints.

Earlier Rana Sikandar Azam President FCCI appreciated the steps taken by Mr. Reza Baqir Governor SBP and requested him to identify the areas where business community could play its role in strengthening national economy.

He said that SBP should also take stakeholders into the loop before formulating different schemes relating to the trade and business.

A question-answer session was also held while Rana Sikandar Azam along with Mian Muhammad Idrees former President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) presented FCCI shield to Mr. Reza Baqir Governor SBP. FCCI shields were also presented to other guests.

Later, Mr. Saqib Majeed Senior Vice President FCCI offered vote of thanks.

During this function Vice President FCCI Bilal Waheed, Farooq Yousuf, Engineer Ahmad Hasan, Kashif Zia, Habibur Rehman Gill, Rana Irkam Ullah, Abdullah Qadri, Ashfaq Ashraf and Dr Sajjad Arshad were also present in addition to Ashraf Khan, Samar Hasnain, Rana Aqeel Ashraf, Sarfraz Ahmad Nadeem Chief Manager and Chaudhary Muhammad Akbar Deputy Chief Manager SBP Faisalabad.  

Earlier immediately after his arrival, Mr. Reza Baqir Governor SBP planted a sapling in the lawn of FCCI. He also unveiled a plaque for the ground breaking ceremony of new complex of FCCI in M-III Industrial Estate. He also cut ribbon to inaugurate the SBP help desk in FCCI.

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