The State Bank of Pakistan (SBP) has allowed exporters and importers an extension of up to 180 days in settlement of their export and import loans under FE-25 Scheme.
In a statement issued on Thursday, the central bank said that banks can now allow an extension to exporters in settlement of their FE-25 loans in case they are facing delay in realisation of export proceeds due to Covid-19.
“Moreover, banks can also allow settlement of FE-25 loans to exporters through substitute contract during the extended period of 180 days where the original export contract has been cancelled due to Covid-19,” it stated.
The SBP has also allowed the bank to extend the maturity of FE-25 import loans by 180 days. This facilitation has been provided to exporters and importers for their foreign currency loans maturing up to September 30, 2020.
Published in The Express Tribune, August 21st, 2020.
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