Lahore : The Pakistan Industrial and Traders Association Front, while taking up its concern with the central bank officials over the implementation of various refinancing schemes for industry to deal with the challenges posed by coronavirus, urged the authorities to also ensure provision of this facility by the commercial banks on urgent basis to the small businesses, which are facing severe financial crisis.
The PIAF chairman Mian Nauman Kabir and LCCI president Irfan Iqbal Sheikh, in an online meeting with SBP chief manager Javaid Iqbal Marath, urged him to simplify the procedures to obtain loans under refinancing scheme, besides restricting all commercial banks to facilitate the trade and industry especially the documented and registered SMEs. The central bank should take serious action against those commercial banks which are refusing to facilitate the businesses, he suggested.
The meeting was attended by a large number of PIAF members, senior vice chairman Nasir Hameed, vice chairman Javed Siddiqi, SBP DCM Miss Huma Mehmood, DFD Ali Atta and senior officer Rehan Mehmood.
SBP chief manager Javaid Iqbal Marath, addressing the meeting, observed that as COVID-19 is straining economic activity, governments as well as central banks are taking extraordinary measures to address the challenges associated with this situation. Similarly, State Bank of Pakistan is taking a range of measures to protect the safety of public and address the economic impact. In this context, SBP has taken a number of policy measures, including Temporary Economic Refinance Facility, Islamic Temporary Economic Refinance Facility (ITERF), Refinance Scheme for Payment of Wages & Salaries to the Workers etc.