ISLAMABAD: In a bold move aimed at empowering the youth, Prime Minister Shehbaz Sharif on Thursday directed a significant increase in the loan amount under the Youth Programme from Rs 500,000 to 1.5 million.
The prime minister, while chairing a review meeting on small and medium-sized businesses, instructed a detailed survey to be completed soon to facilitate businesses.
He emphasised aligning the facilities provided to small and medium-sized businesses with international standards by implementing models from developed countries.
He also directed that a special package for women entrepreneurs in small-scale businesses be prepared and presented soon, noting small and medium enterprises (SMEs) are key to global economic development.
The government is committed to encouraging SMEs to promote entrepreneurship within Pakistan’s workforce, he said, adding the government is working towards empowering youth and women entrepreneurs to create self-employment and generate more job opportunities.
In light of the prime minister’s special directives, the meeting was briefed on progress regarding government actions to support and develop SMEs.
It was shared that, as per the prime minister’s directive, after taking all stakeholders into confidence, the loan application process for SMEs has been simplified to ensure that more businesses can benefit from the loan facilities to improve their operations.
Additionally, SMEs are being categorised to ensure that small and medium-sized businesses can fully utilise government support and facilities and have timely and easy access to loans under simplified terms.
The meeting was informed that, under the prime minister’s guidance, a new category will be introduced for very small-scale businesses and home-based women entrepreneurs, making obtaining loans and receiving government assistance to improve their businesses easier.
The Pakistan Bureau of Statistics (PBS) provided updates on SME indicators from three major cities and shared plans for a nationwide survey to improve facilities for SMEs across the country in the coming months.
A comprehensive briefing was given on the government’s action plan to support SMEs and its timelines. It was stated that Small and Medium Enterprises Development Authority (Smeda) would launch financial literacy and training programmes for SMEs by February this year. Additionally, a programme to introduce modern technology to SMEs will be finalised and launched by mid-2025.
Copyright Business Recorder, 2025
Comments