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SBP agrees one-year moratorium on textile loans under LTFF
23
Jan '09
The State Bank of Pakistan (SBP) has given one year moratorium on loans availed under the Long Term Financing Facility (LTFF) scheme. This circular was issued on Thursday after the demand put forward by Dr Mirza Ikhtiar Baig, Federal Advisor on Textile Industry, on behalf of export oriented industry.

In this regard nearly Rs11.8 billion due in the year will get pushed back by 12 months.

Detailed qualification for availing the relief is given in the circular that says, on the representation of industry associations, it has been decided to allow banks and DFIs to provide a grace period to their deserving borrowers having availed financing under Long Term Financing for Export Oriented Projects (LTF-EOP) including Debt Swap Facility under TLF-EOP Scheme and Long Term Financing Facility (LTFF) Scheme.

Accordingly, banks/DFIs may wish to provide deferment of one year in repayment of principal outstanding under the above schemes as of December 31, 2008. Under this facility the repayment dates for all installments of principal amounts falling due during the period from 1st January to 31st December 2009 may be re-fixed after a period of one year from the respective due date.

This is a one-time facility and will remain valid only up to March 31, 2009.

Fibre2fashion News Desk - India


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