PM orders to reach June target of Rs 30 billion in youth loans

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ISLAMABAD: On Thursday, Prime Minister Shehbaz Sharif ordered the relevant agencies to exert every effort to meet the objective of 30 billion rupees in loans under the Prime Minister Youth Loan Scheme by the end of June.

The PM Youth Loan Scheme review meeting was presided over by the prime minister, who gave the order to address all operational problems with the program first.

He said that the government was making excellent efforts to promote young employment and entrepreneurship. Along with it, it was also made sure that young people could get simple loans. He claimed that Pakistan’s youth was a valuable resource and that their care was essential to the nation’s development.

The prime minister also established a steering committee under his direction to assess the effectiveness and progress of the youth loan program. The group would also include the finance minister.

He said that if given the opportunity and resources, Pakistan‘s youth, who had a great sense of purpose, could change the course of the nation. According to him, overcoming current challenges requires cooperation between the public and private sectors.

A loan facility worth Rs. 73.55 billion had been made available to about 54,000 adolescents beginning in 2013, it was announced at the conference. On January 24, 2023, a gateway for the youth loan program was also made available.

The program allows borrowers between the ages of 18 and 45 to receive simple loans within 45 days. A quota of about 25% has been set aside for women. The leaders of the participating banks and microfinance organizations made sure that the loan goals were met on schedule. A committee was also established by the prime minister to examine the operational problems with the loan program.

Ayesha Ghaus Pasha, the Minister of State for Finance, Shiza Fatima, the Special Assistant to the Prime Minister, the Federal Secretaries for Information and Poverty Alleviation, the Founder of the Akhuwat Foundation, the Governor of the State Bank, and the Presidents of the National Rural Support Programme, Bank of Punjab, Habib Bank Limited, Zarai Taraqqiati Bank, and Bank Al Falah would make up the committee.

Shiza Fatima, the SAPM for Youth Affairs, as well as the leaders and representatives of banks and microfinance organizations, attended the conference.

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