Prime Minister Nawaz Sharif on Tuesday approved a Rs 3.5 billion interest-free loan scheme, targeting one million people - 50 percent of them women. The disbursement of interest-free loan would begin in the third week of June this year. The Prime Minister accorded his approval to the scheme during a review meeting. Minister for Finance Ishaq Dar, Chairperson Prime Minister's Youth Scheme (PMYS) Maryam Nawaz, Secretary Finance Dr Waqar Masood and other senior government officials attended the meeting.
The Prime Minister said that microfinance schemes were a catalyst for political and economic development while micro credit was an instrument of change for the poorest segment of society, especially women. Such schemes further boost the productive economic activities in the country, he added.
Chairperson Prime Minister's Youth Scheme Maryam Nawaz, briefing the Prime Minister, said "Today we have fulfilled another promise of the PM of Pakistan made with the youth of Pakistan." She said, "Transparency and merit are the hallmark of our programme and we believe in disbursing capital and imparting skills for development of our youth."
She said the government had earmarked Rs 3.5 billion for interest-free loan for the target beneficiaries from all over the country, which would be disbursed through Pakistan Poverty Alleviation Fund. Each federating unit had been given share as per the 7th NFC Award with primary focus on rural areas, she added. The Prime Minister was told that each beneficiary would receive up to Rs 50,000 through this scheme and as many as one million people would get benefit from it.
Proper Loan Centres and Business Support Centres will be set up to facilitate beneficiaries. Maryam also briefed the PM on the progress of other programmes of the PMYS. She told the Prime Minister that training of selected youth in the PM Youth Skill Development Programme had commenced from May 12, under which 25,000 youth of the lesser developed areas from all over the country would be imparted training in 100 disciplines.
"The duration of the training programme is 4 to 6 months for various disciplines and will cost Rs 800 million. A 35 percent quota has been allocated for women keeping in view the government's policy of empowering the women in the country." The allocation of seats is according to the population in the federating units, based on the 7th NFC Award. The basic aim of the scheme is to train the youth in different vocations in order to make them self-sufficient.
The Skill Development Programme was aimed at channelling the talent and energies of the youth so that they could earn their livelihood and meet the challenges of the modern world, she said. Maryam told the PM that the Prime Minister Fee Disbursement Scheme would benefit approximately 33,000 eligible students, during the current financial year. "Students doing M Phil and PhD from 59 districts will avail the provision of tuition fee and other education charges. The government will cover all the expenses," she said.
The PM said the establishment of assembly plants was a step in the right direction and he was happy that the scheme was examined and vetted by the Transparency International and was being appreciated by them. The meeting also reviewed the arrangements of second ballot of PM Youth Business Loan Scheme. Maryam said that the next ballot of youth loan scheme would be carried out next month. She said she was personally supervising the programme and ensuring co-ordination among all the departments for better efficiency.
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