ISLAMABAD: The Adviser to the Prime Minister on Finance and Revenue, Abdul Hafeez Sheikh, on Wednesday said the government had released more funds for the Kamyab Jawan Programme in 2019, while the loan limit in the "Kamyab Jawan" programme had been increased from Rs5 million to Rs25 million.

Addressing a press conference in Islamabad, he said that loans were being given through the Kamyab Jawan programme.

The government is ensuring all possible funds for the programme, he added.

He said the government would provide as much money as needed for the Kamyab Jawan programme.

He said that so far loans of more than Rs1 billion had been disbursed to 2,900 youths, while approval had been given to provide loans to another 7,500 youths. In this regard, the number of banks has also been increased. The finance adviser also said the youth programme was being launched on a large scale as the government launched a Kamyab Jawan Programme in 2019, which would provide loans to youth to grow small industries and businesses.

Hafeez Sheikh said the loan amount had been increased while the interest rate had been halved; earlier, only three banks were involved in this programme and their number has been increased to 21.

The finance adviser also said that steps were being taken to increase the scope of the youth programme and the people should take advantage of this facility.

He said the government gave relief of Rs200 billion to the industrial sector affected by coronavirus, while more than 1.5 crore families were paid without any discrimination under the Ehsaas programme.

He said that international organisations including Bloomberg were acknowledging the economic recovery of Pakistan, while Moody's had also declared Pakistan's economy as stable.

Abdul Hafeez Sheikh said that the data improved in July, which gave us confidence, increased exports and tariffs, while increased consumption of cement and petrol and diesel.

Finance Adviser Abdul Hafeez Sheikh said the government expenditure was reduced and no supplementary grant was released last year, adding that "we have to try to maintain this trend".

Talking on the occasion, Special Assistant Usman Dar said, "I thank Abdul Hafeez Sheikh. From August 13 applications will be available on the website of the Kamyab Jawan programme." Usman Dar said that the goal of Kamyab Jawan was to create jobs in Pakistan; this programme would provide employment to one million youths. He also thanked Prime Minister Imran Khan for the Kamyab Jawan Programme.

Copyright Business Recorder, 2020