The SBP already has existing refinance schemes for exporters, amounting to Rs660 billion. Under the Export Finance Schemes (EFS) and Long-Term Financing Facility (LTFF) schemes, SBP provided refinance to banks to provide cheap credit at interest rates between 3pc to 6pc to exporters for working capital and new projects. Secondly, exporters were required to show their performance under the EFS schemes by end-June 2020, which has now been extended by six months to December 2020. Third, exporters are required to ship their goods within six months of availing credit under EFS; this has now been extended from six to twelve months. “The SBP stands ready to take additional measures as the situation related to COVID-19 and its impact on the economy evolves,” the statement said.

Source: Pakistan Today March 20, 2020 16:41 UTC