The State Bank of Pakistan has decided to extend the duration of financial relief package to borrowers availing loans under Refinance Scheme to one year.
State Bank has been analyzing the challenges arises due to coronavirus outbreak and is taking measures regarding the financial sectors. The bank has recently announced an inclusive financial relief package for corporate, residential, agricultural, SME and microfinance sectors last week.
SBP took a major step of expanding the scope of its recently announced relief package for households and businesses on Friday. Loans are being provided under various refinance schemes with preferential terms and conditions to promote growth in priority sectors of the economy.
As per the SBP official statement, now the relaxation permitted for deferment in repayment of principal amount for one year for corporate, consumer, agriculture, SMEs and microfinance sectors, will now be available on financing of banks/ DFIs under SBP’s refinance schemes as well. Furthermore, the complete repayment schedule/tenor of the loan will be extended by one year.
According to the announcement, borrowers of Long Term Financing Facility (LTFF), Financing Facility for Storage of Agricultural Produce (FFSAP), Refinance Facility for Modernization of SMEs, Refinance and Credit Guarantee Scheme for Women Entrepreneurs, Refinance Scheme for Working Capital Financing of Small Enterprises and Low-End Medium Enterprises and Small Enterprise (SE) Financing and Credit Guarantee Scheme for Special Persons can be availed this facility.