The State Bank of Pakistan has said that commercial banks have approved up to one-year of moratorium from repayment of loans worth Rs. 432 billion for various borrowers hit by coronavirus-related lockdown.
The central bank in a tweet said,
1/4 By 15May20, Rs432 bn of principal repayments of loans have been deferred as part of the principal deferment scheme introduced by SBP in collaboration with the PBA. Around 600,000 borrowers have benefitted from this scheme and over Rs59 bn has been restructured/rescheduled.
— SBP (@StateBank_Pak) May 19, 2020
“Around 600,000 borrowers have benefitted from this scheme. Majority of the beneficiaries in the loan deferment/restructuring are microfinance borrowers who benefitted to the tune of Rs. 37 billion,” said the central bank.
The SBP added that currently banks are processing more than 100,000 requests for deferment and restructuring/rescheduling. The SBP and PBA, in March, announced loan relief to the borrowers suffering disruptions as the lockdown that brought the economy and the businesses to a halt.
As of May 15, 1,700 businesses applied to commercial banks to benefit from rozgar (employment) refinance scheme for a total loan amount of Rs. 120 billion and covering more than 1.1 million employees, added the SBP.
Of the total applications received by commercial banks under this scheme, about Rs. 61 billion representing 600,000 jobs has already been approved and the rest are in process.
1/2 As of 15May20 1700 businesses have applied to commercial banks to benefit from SBP’s rozgar refinance scheme for a total loan amount of Rs120 bn and covering more than 1.1 mn employees. Businesses that benefit from this scheme commit to not lay off workers for 3 months.
— SBP (@StateBank_Pak) May 18, 2020