Cabinet approves Rs 100 billion youth loan programme: Firdous

ISLAMABAD: The federal cabinet on Tuesday approved “Kamyab Jawan Programme” for  extending loans up to Rs five million to youth, so that they could start their own businesses and help generate jobs and boost economic growth, Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan said.

Briefing the media about decisions of the cabinet meeting here, she said the cabinet held a thorough discussion on education policy and the new Rs 100 billion youth loan programme.

She said youth aged 18 to 35 years were 65 percent of the population and in order to empower them, the cabinet had decided to launch “Kamyab Jawan  Programme” to engage young people in economic and trade activities and create job opportunities.

Women, who were 52 percent of the population would be made beneficiary of the programme and 25 percent of the loans would be given to them, she explained.

Dr Firdous said loans from Rs 100,000 to Rs 500,000 would be given to youth on six percent interest and equity of Rs 50,000. Loans more than Rs 500,000 to Rs five million would be lent on eight percent mark up with 20 percent equity by the applicant.

The programme would bring an economic revolution as youth would be self employed and not only bear their own burden, but would help reduce inflation and unemployment, she observed.

Special Assistant to Prime Minister on Youth Affairs Usman Dar would brief the media about the salient features of the programme in coming days.

Dr Firdous said a regulatory mechanism had been planned to supplement the efforts of provinces in education sector.

Minister for Federal Education and Professional Training Shafqat Mehmood briefed the cabinet about the plan to increase literacy rate and provide vocational training and skills to students.

She said the minister will brief media about the contours of the education policy focused on provision of quality education, uniform curriculum and reforms. Spread of education would help in tackling challenges facing the country, she remarked.

She said there was concern among public about devaluation of rupee against the dollar, adding the Advisor on Finance Dr Abdul Hafeez Sheikh briefed the cabinet about the bitter realities of the economy inherited by the present government.

The cabinet led by Prime Minister Imran Khan resolved to bring the economy out of crisis with the strength of the people, she continued.

She said the Advisor on Finance would brief the media on Saturday about a roadmap to take the economy forward and also shed light on the wrong decisions of the previous government which led to the present economic mess.

She said the cabinet approved all the decisions of the Economic Coordination Committee (ECC) including ratification of grants to K Electric to keep Karachi free of load-shedding during Ramazan.

She said Prime Minister Imran Khan and cabinet members expressed deep grief and sorrow over the sad demise of Federal Minister for Narcotics Control Ali Muhammad Khan Mahar.

The cabinet expressed sympathies with the bereaved family members and prayed to Allah Almighty to rest the departed soul in eternal peace and grant courage to the bereaved family to bear the irreparable loss with fortitude.

Dr Firdous said the cabinet approved nomination of Dr Asad Zaman and Dr Hamid Mukhtar as external members of Monetary Policy Committee.

The cabinet approved to notify Pakistan Credit Guarantee Company Limited as development financial institution.

It was approved to set up a local government board in Islamabad, including Chief Commissioner Islamabad, Deputy Commissioner, MNA Asad Umar, Deputy Secretary Interior Ministry, Chief Officer Metropolitan Corporation.

Earlier these powers were vested in Mayor Islamabad. District and Sessions Judge Hafisa Usman was approved as Banking Judge II Karachi. The Vice Chancellor for Shaheed Zulfikar Ali Bhutto Medical University in Islamabad was finalized.

She said Prime Minister tasked Higher Education Commission to bring maximum number of chapters of foreign universities with high international standards to Pakistan.

The prime minister also directed that scholarship opportunities should be made available for students in universities abroad as were availed by students of India and other countries, she added.

She said Prime Minister directed that members of National and provincial assemblies should remain in touch with the people of their constituencies, visit Ramazan bazaars and keep check on prices.

To a question, she said National Accountability Bureau (NAB) was an independent organization free of any influence of government or opposition and as a state institution was working according to law and constitution.

She said the government was only a facilitator working to remove hurdles in the way of NAB.

Opposition was in courts contesting all the cases filed by NAB and if it had any problem regarding conduct of NAB it could approach the courts any time, she added.

She said if NAB would not inform the public about the facts of the cases filed by it then it would cause disinformation.

She urged the opposition to respond to the questions asked by NAB if its hands were clean instead of attacking the institution and hurling threats.

The Special Assistant said the State Bank was an autonomous financial regulator and the monetary policy announced by it gave all the details about its position on value of dollar.

Replying to a question, she defended the lead role of Usman Dar on youth affairs, saying only a young man like him, who had a business background, could understand and solve problems of young people.

To a question about health of Nawaz Sharif, she said his disease was mysterious as he felt fine when he was living free and in luxury at his home but every time got sick while in prison.

She told that ministers of interior and human rights informed the cabinet about the incident of brutal murder of a girl in Islamabad. The first information report (FIR) of the incident had been registered and a Station House Officer (SHO) had been suspended.

She said the Prime Minister had zero tolerance for such horrible incidents and the culprits would be brought to justice through speedy court trial.

She said financial grant was approved for K-Electric as otherwise it would have choked economic activity in the megacity of Karachi.

Dr Firdous said the Prime Minister was assured in the cabinet meeting that supply of 19 essential items would be ensured through 42,000 Utility Stores across the country.

On the issue of devaluation of rupee against dollar, she said people should come forward, and help the government in curtailing imports as was done by the people of Turkey when Turkish Lira lost half of its value against the US dollar.

She dismissed the call of protest by the opposition, saying opposition parties would fail to launch a drive against the government.