ISLAMABAD: The Hungarian government has announced an exclusive credit-line of $84 million for Hungarian companies to do business with Pakistan.Together with this a loan facility of $50 million for.
SBP takes notice of delayed loan approvals for housing finance
Business
May 1, 2021
KARACHI: Taking cognizance of complaints about delayed loan process, the central bank on Friday asked banks to speed up approvals under the government markup subsidy scheme to promote housing finance.
“SBP has been receiving a number of complaints especially regarding delayed processing, long turnaround time and no mechanism to track the financing application after submission,” the State Bank of Pakistan (SBP) said in a circular, referring to the government markup subsidy for housing finance.
Banks/development finance institution are advised to put in place within 30 days from the date of the circular an online e-tracking mechanism and a phone-based help line to provide, on query of applicant, status and expected time required for decision on application, said the SBP Devise a system to monitor 30 days turnaround time for decision on applications received, it added.
Business
May 1, 2021
ISLAMABAD: Pakistan has asked World Bank for $1.2 billion loans during the ongoing fiscal year, including $600 million for Pakistan Programme for Affordable and Clean Energy to reduce circular debt via cost cut in power generation, decarbonising energy mix, improving distribution, and retargeting electricity subsidies.
The proposed programme loan of $600 million would be given in the shape of $300 million IDA loan and remaining $300 million as IBRD financing. “Pakistan and the WB high-ups discussed $1.2 billion programme loans approval till June 30, 2021, for undertaking reforms on energy and fiscal side,” top official sources confirmed to The News on Friday.
Project financing has been slowed down in Pakistan due to various reasons, including lacklustre approach of executing agencies of donor funded projects. Therefore, authorities were now aiming to generate dollar inflows through programme loans, because its funding was disbursed after undertaking stru