The Islamabad Chamber of Commerce and Industry (ICCI) has welcomed the State Bank of Pakistan’s temporary refinance scheme for businesses to avoid layoff of workers and hoped that it would be helpful in reducing the liquidity issues of businesses and saving jobs of workers. Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce and Industry said that the lockdown due to Covid-19 have caused huge losses to businesses and it has become difficult for them to pay wages and salaries to their workers. He said that in these difficult times, offering a temporary refinance scheme by SPB to business at 5 percent mark-up was a welcome step. However, he said that it would have been much better if SBP had offered businesses an interest free loans scheme so that they could be able to restore business activities and pay more effective role in early revival of economy. ICCI President said that the scheme will provide financing for wages and salaries expenses for three months from April to June 2020 to those businesses which will not layoff their employees for these three months while the repayment of the principal amount will be made in two years. However, he said that due to coronavirus, businesses have incurred huge losses and it might take them many years to revive business activities. Therefore, he emphasized that SBP should give businesses at least 5 years for repayment for loans taken under this scheme. It would help them to take maximum benefit from this scheme for revival of business activities and keep their workers on payrolls as well. Tahir Abbasi Senior Vice President and Saif ur Rehman Khan Vice President ICCI said that SBP refinance scheme has been designed to give preference to small businesses, which was laudable. However, they said that businesses would have to pay up to 8 percent interest rate on this scheme inclusive mark up of commercial banks, which would be difficult for them in the prevailing trying circumstances. They stressed that SBP should further reduce mark up from 5 percent to 2-3 percent so that maximum businesses could take benefit from this scheme in order to reduce their liquidity issues that would also help in speedy revival of business activities.