The State Bank of Pakistan (SBP) has expanded the scope of the Refinance Facility to Combat Covid-19 (RFCC) to the manufacturing sector producing medical equipment and accessories. Earlier, the facility was limited to the expansion and establishment of hospitals.
“The scheme now allows manufacturers of protective gears and equipment, including items such as masks, dresses, testing kits, hospital beds, ventilators etc. to avail financing under RFCC,” said the bank.
It said the decision was taken in view of the encouraging response for the facility and the potential to help the development of health facilities in the country.
The SBP on Mar 17 introduced the RFCC to support hospitals and health sector fighting against the Covid-19.
Under the scheme, banks will give out concessional loans at a maximum end-user rate of three percent for five years to hospitals and medical centers to purchase medical equipment and set up isolation wards to fight against Covid-19.
As of July 2, Rs6.4 billion of concessional credit has been approved to hospitals and other eligible facilities.
Moreover, to cope with the rising needs for health facilities in general in the country, SBP has allowed hospitals serving patients even other than Covid-19 to avail this facility.
The refinance facility will be available for setting up or expansion of the existing hospitals fulfilling minimum specified standards. For setting up new hospitals under this scheme, payments will be released by the banks on completing relevant milestones.
The RFCC is a highly subsidized facility through which the SBP provides refinance to banks at 0 percent whereas banks can keep a maximum margin of 3pc.

The Balochistan government has decided to set up a new system of monitoring development schemes under the Public Sector Development Programme (PSDP).
A moot presided over by Chief Minister Jam Kamal Khan agreed to hold review meetings on the implementation of all development projects every quarter.
The meeting also decided to prepare a checklist and Terms of Reference for the implementation of the schemes.
In order to ensure best utilisation of the allocated funds, the meeting also approved an authorisation policy for projects’ funds.
According to the new policy, the departments will now be required to also submit a concept paper for new development schemes for the next financial year.
The meeting decided to form a technical committee, headed by the chief secretary, to review the progress of frozen schemes.
The meeting was informed that 1437 development schemes had been completed last year and Rs60 billion spent on them and 2568 development projects had been included in the development program for the financial year 2020-21.
Of all these projects, 934 schemes are new and 1434 are ongoing projects.
The chief minister directed officials concerned to ensure timely completion of all ongoing development projects.

Prime Minister Imran Khan has constituted the National Coordination Committee on Housing, Construction, and Development.
The objective of the committee is to coordinate and facilitate government policy of promoting construction and development related activities, especially affordable housing projects for the low-income segment of society as envisioned in the Naya Housing Program.
Chairman Naya Pakistan Housing Development Authority will be the convener of the committee.
Terms of Reference (ToRs) of the committee say the body will assess the demand and supply situation of housing in general and affordable housing in particular.
The Convener shall brief the Prime Minister twice a week on impediments, recommendations for improvement and overall progress on implementation of Prime Minister’s policy guidelines.

Pakistan Cables has pledged to support corona virus relief efforts to help flatten the curve.
The commitment includes a donation of Rs. 2 million towards corona virus relief efforts led by Karachi Relief Trust (KRT). KRT is distributing food ration to families, in Karachi and parts of Sindh, whose livelihoods are being impacted by the pandemic. The Company is investing in a digital public awareness campaign. Through digital messaging, the company logo has been expressing solidarity with the nation by supporting the message that social distancing, to whatever extent possible, is a critical precaution. The Company in its message has also paid tribute to the frontline heroes, combating the corona virus head-on. Fahd K. Chinoy, Chief Executive Officer, Pakistan Cables Limited said, “This is the time for the business community to respond with a higher sense of duty and collaborate with welfare organizations and the government. Since our inception in 1955, we have witnessed varied crises in the nation’s history. Today we stand ever committed to ensuring that we promote prevention and safety for everyone.”

Pakistan signed Azad Pattan Power Project which will be built on River Jhelum with an estimated cost of US$ 1.5 Billion. Prime Minister Imran Khan witnessed the signing of the project.
The project is the part of China Pakistan Economic Corridor (CPEC) and it will generate 700.7 MW requiring no fuel import and thus enable the country to move towards cheaper and greener power. The project is expected to be completed in 2026.
The Prime Minister said CPEC would take Pakistan on the path of rapid progress and development since its economic future was related to the completion of various energy and infrastructure projects.
The government claims the project would not burden the people as the premier said the previous governments’ costly projects increased the cost of energy and thus stressed the local currency.
Prime Minister said Pakistan could not compete with its neighboring countries in terms of generating low-cost energy. He said the hydropower generation was considered to be a big source of clean energy which was also in line with his government’s policy of ‘Clean and Green Pakistan’ and regarded as environment friendly. It would also help stem the impacts of global warming, he added.
The government claims despite the COVID-19 pandemic it has bought $4 billion investment and for the generation of 1,800 MW low-cost power in the country