KARACHI: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has demanded of the State Bank of Pakistan (SBP) to consider extension in the Refinance Scheme to support employees and prevent the layoff of workers due to the outbreak of coronavirus, by December 31, 2020.
President FPCCI, Mian Anjum Nisar appreciated the initiative of SBP for introducing the Refinance Scheme, which had helped many industrial and service-oriented sectors to retain employees during the corona pandemic.
He said since the companies that availed this credit facility through banks have not been recovered from the devastating economic impact of COVID-19, it would be advisable if the ministry of finance keep shouldering with SBP and extend this scheme till the end of the year.
“In many of the countries, the second wave of coronavirus has already started, Pakistan not being the case of exception, should be prepared to take proactive precautionary in view of the increase in corona patients from 4500 in August to more than 1000 in September”, he added.
Mian Anjum Nisar further added that before discontinuing the credit facility on the concessional markup rate, the ministry of finance and SBP need to review the prevailing economic situation closely as such the small and medium-sized businesses have not been able to regain pre-corona economic stability.
Under the SBP’s Refinance ‘Scheme to Support Employment and Prevent Layoff of Workers’ due to the impact of COVID-19, businesses that commit to not lay off workers in the next three months can avail credit through banks for the three months of wages and salaries expenses at a concessional markup rate.
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