Coronavirus Machinery in Pakistan: The Government of Pakistan has earmarked a loan of Rs 5 billion for the purchase of machinery. It includes a ventilator, machinery due to the coronavirus, Governor State Bank Reza Baqir said.
According to the details, Governor State Bank Raza Baqir says that with the monetary policy, the facility to protect coronavirus, they have announced. They can also increase the limit of 5 billion rupees if the number of patients increased.
He said that banks would lend up to Rs 20 crore per hospital at a three percent rate. They have announced interest rates considering inflation and economic growth.
Coronavirus Machinery in Pakistan: Raza Baqir said that economic statistics are stable; everyone was waiting for monetary policy; all the central banks make decisions based on their statistics. It is not right to associate Pakistan’s economy with the US.
The Governor’s Bank said that before Coronavirus, Pakistan’s economy was getting better. For 2020, Pakistan’s target was 3.5{7d6bb1f761e691f027164c9fe6d1ebbc4659a250013ce39dc45a15ede39dbac5} of GDP in fiscal. But now due to coronavirus, Pakistan’s GDP growth will be 3 percent.
He said that the reduction in the price of crude oil would benefit Pakistan a lot. He said if the exports reduced due to coronavirus, imports would also be lower.
It may recalled that the State Bank of Pakistan has cut interest rates by announcing a monetary policy for the next 2 months.
SBI announces interest rate cut
State Bank of Pakistan has announced a 75 basis point reduction in interest rates. SBI has decided to lend to hospitals at a 3{7d6bb1f761e691f027164c9fe6d1ebbc4659a250013ce39dc45a15ede39dbac5} interest rate to protect against coronavirus.
The global economy has been hit hard by the death toll from the rapidly spreading deadly coronavirus worldwide. The global economy is suffering from collapse due to the suspension of global trade, economic activity, and reduced tourism, which has caused banks to lower interest rates.
Investors, Chambers of Commerce, and businessmen were expecting interest rates to be reduced by 2 to 3 percent in view of the situation arising after the coronavirus. But contrary to expectations, the central bank announced a 75 basis point reduction.
Coronavirus Machinery in Pakistan: The State Bank has also decided to lend a 3{7d6bb1f761e691f027164c9fe6d1ebbc4659a250013ce39dc45a15ede39dbac5} interest rate to hospitals to protect Corona. The government will give loans to registered hospitals across the country for the purchase of missionary, medicines; and also other equipment to protect against the coronavirus.
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