Lahore: The State Bank of Pakistan (SBP) recently reported that the country’s commercial banks had received up to 1,100 applications from various companies under the ‘SBP Refinance Scheme’ — with the initiative anticipated to save 850,000 workers from losing their jobs, a news source reported.
According to the details available, the number of companies seeking bailout packages from financial banks has increased due to the ongoing lockdown situation. Companies have cumulatively applied for loans worth PKR 90 billion under the SBP Refinance Scheme that is aimed at supporting employment and preventing layoffs.
Sources have revealed that the banks were working rigorously to process the applications for provision of loans at a concessional rate of 3%. Once processed, these applications would save 850,000 workers from becoming jobless over the next three months.
The banks have already sanctioned loans worth over PKR 23 billion to 208 companies — protecting the jobs of 220,000 workers since the launch of the SBP’s scheme. Experts expect that companies, including small & medium enterprises (SMEs), would avail the scheme as the economy is expected to take some time to improve in the wake of the COVID-19 pandemic. They also expect companies that have already availed the scheme to apply for more loans again.
