South Asian Business news and information

The News reports:

Dr Akhtar also assured the representatives of the industry that the cntral bank would not discontinue export refinance scheme and that concessional loan facility for export oriented industries would continue.

SBP Governor informed the meeting that the private sector credit disbursement during the current fiscal year up to May 31, 2008 remained strong despite a challenging economic year because of several internal and external shocks that the economy had faced.

She said that the overall private sector credit recorded a higher growth of around 16 per cent in FY08 with Rs384 billion compared with Rs287 billion in FY07.

In the current fiscal year, the growth in the private sector credit was 19%. This was 17% higher than that of last year. Dr. Akhtar said that the distribution of credit has been broad based as almost all the sectors of the economy have availed the credit. Around 59% of the credit had been availed by the manufacturing sector including the textile sector.

On the other hand, credit disbursement to the agriculture sector in the first 11 months of the fiscal year had grown by 30% year on year basis. The banks disbursed Rs. 185 billion to the agriculture sector. Last year, the agriculture sector received Rs142 billion.

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The News