PIAF Appreciates SBP for Extending Loan Deferment Policy for SMEs

ISLAMABAD, July 9 (Online Int’l): Chairman Nauman Kabir asked the SBP governor to play a role for the loan disbursement implementation by banks

The Pakistan Industrial and Traders Association Front (PIAF) has lauded the central bank for extending loan deferment policy for SMEs till Sept end, recommending the SBP governor to play his role for real implementation in loan disbursement by the commercial banks.

PIAF Chairman Mian Nauman Kabir, in a joint statement with senior vice chairman Nasir Hameed Khan and vice chairman Javed Siddiqi, said that the State Bank of Pakistan has extended the deadline for small and medium businesses to apply for a one-year moratorium on loan repayment till Sept 30, considering the fact that COVID-19 pandemic is continuing to stress the cash flow of the industry which is a good step but these directives should also be followed by the commercial banks, he added.

Mian Nauman Kabir said that it’s a better strategy that the central bank has taken the Pakistan Banks Association onboard and then announced a set of measures to help businesses to manage their finances amid growing concerns about the potential economic impact of the COVID19 pandemic. He said that the decision would prove to be helpful for borrowers.

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