State Bank of Pakistan (SBP) has further relaxed the refinancing facility to facilitate the health sector in the prevailing situation allowing hospitals and medical centers to enhance the capacity to provide treatment with the required infrastructure and equipment.
Hospitals and medical centers engaged in the fight against COVID-19 will now be allowed to avail financing on their existing equipment and purchase of refurbished equipment as well, provided the same are used in the creation of special facility/isolation ward to deal with COVID-19.
Moreover, maximum coverage of 60% of civil works for setting up a separate/isolation facility, has also been enhanced to 100%.
Banks have been directed to ensure that financing extended under this facility is utilized for the intended purpose. It is believed that above changes would help hospitals/medical centres avail SBP’s refinance facility with much ease.
Since the outbreak of COVID-19, State Bank of Pakistan has taken a number of measures to support the economy. One of the earliest measures taken by SBP was to support the hospitals, which have been at the forefront in combating the disease, is providing them a facility to meet their financial needs namely the SBP Refinance Facility to Combat COVID-19 (RFCC) on March 17, 2020.
Since then SBP received several suggestions by stakeholders to further improve it and has further relaxed the refinancing facility for specific hospitals.
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