State Bank of Pakistan has announced new initiatives by setting up four committees of banks for the revival of economic activities in flood hit areas. The Central Bank has decided to introduce SBP refinancing schemes for agriculture and small business purposes at concessional rates in flood affected areas. The bank will also grant relaxation in provisioning of the loans to other commercial banks for loan payments delayed due to the tragic events caused by the recent flood in the country. These initiatives will be announced once the model has been finalized in consultation with other relevant parties. The committees will give their recommendations about the necessary steps and measures for flood relief and smooth flow of credit to the affected people.

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