SBP needs to extend Refinance Scheme to support employment: FPCCI

F.P. Report

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the State Bank of Pakistan (SBP) to extend the Refinance Scheme for Payment of Wages and Salaries, launched to support employees and prevent layoffs due to the Covid-19 outbreak in Pakistan for one year.

In a statement on Saturday, President FPCCI Mian Nasser Hyatt Maggo appreciated the initiative of SBP; introducing Schemes like salary payments, deferred loans, introduction of Temporary Economic Refinance Facility etc to resolve the cash flow problems of businessmen and industrialists. He added that these schemes helped many industrial and service oriented sectors to retain employees during Corona pandemic period.  Under this scheme, SBP has released Rs. 238 billion to the private sector.

While commenting on the Refinance Scheme for Payment of Wages and Salaries, the FPCCI President added that the aim of this scheme is to prevent layoff by financing wages and salaries of employees.