ISLAMABAD: The Government is likely to extend Kamyab Pakistan Program (KPP) to entire country aimed at providing loans to youth across the country, sources close to Finance Minister told Business Recorder.
Sharing the details, the sources said a summary for Kamyab Pakistan Program was approved by ECC and ratified by the Federal Cabinet. The program was initially launched by Prime Minister on October 04, 2021for Balochistan, Khyber Pakhtunkhwa, Gilgit Baltistan and Azad Kashmir and poorest districts of Punjab (Rajanpur, DG Khan, Muzaffargarh and Rahim Yar Khan) and Sindh (Tharparkar and Umerkot).
The sources said the first quarter of Kamyab Pakistan program has already been completed. The disbursements target for the first quarter was Rs. 30 billion with quarterly guarantee of Rs. 15 billion. National Rural Support Program (NRSP) and Akhuwat Foundation, the Executing Agencies (EAs) of the Program, have disbursed loans amounting to Rs. 1.4 billion in the first quarter under the wholesale lending model.
A meeting of the Steering Committee of Kamyab Pakistan Program was held under the chairmanship of the Finance Minister on January 27, 2022 to review the progress of the KKP till January 21, 2022.
In view of the encouraging response of the general public towards this program and to enhance its outreach in terms of both the depth and breadth, the Steering Committee recommended that Kamyab Pakistan Program may be expanded throughout Pakistan.
The Federal Cabinet has already approved an outlay of Rs. 1,053.409 billion towards payment of Mark-up Subsidy and expected Loan Loss claims by Executing Agents (Microfinance Providers and Housing Finance Companies) for the period 2021-28. The approved allocation shall be reviewed at the end of each fiscal year against actual utilization to assess the need for any additional allocation, if needed, and to remain within the guarantee limits agreed with the International Monetary Fund (IMF).
According to Finance Ministry, it has been proposed that Kamyab Pakistan Program may be expanded throughout Pakistan as per already approved features by the Cabinet, to enhance its outreach and impact.
Copyright Business Recorder, 2022