Rs435.7b extended to businesses under TERF
Scheme was introduced to help businesses continue investment plans despite Covid-19
PHOTO: FILE
KARACHI:
As many as 628 businesses have acquired concessionary bank loans amounting to Rs435.7 billion for setting up new businesses and/or expanding their existing production lines in Pakistan under the Temporary Economic Refinance Facility (TERF), which expired on March 31, 2021.
The State Bank of Pakistan (SBP) had launched the scheme in March 2020 for one year after the Covid-19 pandemic outbreak in the country in late February 2020.
The scheme was introduced to help businesses press ahead with their initial investment plans instead of halting their investment decisions to let the testing times pass on. The cheaper investment for industrialisation is all set to steer economic activities.
Experts believe COVID-19 turned out to be a blessing in disguise for Pakistan as is growing swiftly
February 25, 2021
Islamabad, Pakistan: “With aggressive interest rate cuts, policy support from the federal government and gradual opening up of the economy, the tide seems to have turned, with the economy showing better and swifter than expected recovery”
This was observed in a Webinar on Investment in Shariah-compliant Shares, Sukuk and Islamic Naya Pakistan Certificates through Meezan Roshan Digital Account held on Thursday.
Observation of Webinar includes:
The government has been successfully able to create a ‘feel-good’ factor, with the majority of leading indicators registering healthy YoY growths. Local cement/HSD/MoGAS were up 17/13/7%YoY in 7MFY21.
Business
January 10, 2021
KARACHI: Business lending at banks remained flat in almost six months of this fiscal year, despite central bank efforts to get the credit flowing via various concessionary financing facilities for quick economic recovery.
Credit to the private sector stood at Rs118.270 billion during July 1 to December 25, 2020, up 0.17 percent from a year earlier, latest figures from the State Bank of Pakistan (SBP) showed.
In the same period of last fiscal year, these loans were Rs118.069 billion.
Money supply M2 grew at 3.88 percent in July-December FY201, up from 3.67 percent in the corresponding period of last year, the SBP data showed.
Bank borrowings soar despite second Covid wave
Business confidence improves on expectations of promising outlook
Over half of the fresh borrowing in the education sector was done by the higher education sector. PHOTO: FILE
The level of business confidence is gradually improving as many industries belonging to the manufacturing and services sectors have increased borrowing from banks on a promising outlook despite the country suffering from the second wave of Covid-19.
Among the non-traditional sectors, education - particularly the higher education sector - was seen borrowing from banks during these testing times, according to the central bank.
Besides, health, pharmaceutical, construction, textile, oil and gas exploration and refineries, information and communication and personal and consumer financing sectors were also in the list of top borrowers during November.