KARACHI: A total 1,320 companies have availed State Bank of Pakistan’s (SBPs) refinance scheme and a sum of Rs96 billion has been disbursed to the applicants from April 2020 to June 2020, according to the SBP Governor Dr Reza Baqir. The SBP refinance scheme was launched to limit the adverse impact of COVID-19 on businesses and employment in terms of payments of wages and salaries to workers. Karachi Chamber of Commerce and Industry (KCCI) President Agha Shahab Ahmed Khan, urged the SBP to publicize details of all the companies who have availed SBP’s refinance scheme in a bid to make it more transparent. In response, the State Bank governor assured that the issue has been rectified and all the institutions including SBP are now following a uniform definition of SME. “SBP’s refinance facility offers loans at an attractive interest rate of just 3 percent but many people simply don’t want to pay any interest as it is strictly prohibited in Islam.

Source: Pakistan Today June 10, 2020 14:37 UTC