PESHAWAR: The Khyber Pakhtunkhwa government has granted approval for providing subsidized loans to the province’s youth, and small & medium enterprises (SMEs). The Bank of Khyber (BoK) will offer further concessions on these loan schemes with favourable terms with the provincial government covering the associated costs.

This approval was given during a meeting of the caretaker provincial cabinet chaired by Chief Minister Muhammad Azam Khan on Tuesday. In attendance were cabinet members, Chief Secretary Nadeem Aslam Chaudhry, and relevant administrative secretaries.

Represent-atives from the BoK also presented a comprehensive briefing to the Cabinet regarding loans for SMEs and youth provided by the State Bank of Pakistan, the province’s involvement in such initiatives, and the resulting benefits.

Through this provincial government initiative, the interest rates for borrowers and institutions will become highly affordable. Additionally, during the meeting, the provincial cabinet approved the allocation of two kanal and six marlas of land for the establishment of a public library in Parachinar Upper Kurram. The construction of a 13.5 kanal judicial complex in Sarai Norang (Lucky Marwat) was also endorsed.

The provincial cabinet further approved the review of budget estimates allocated to the KP Housing Authority for the year 2022-23, along with the budget estimates for 2023-24. It also approved the delegation of enforcement powers to all Tehsil Municipal Administrations (TMAs) and the assignment of controlling officer powers to relevant Assistant Commissioners.

The Provincial Cabinet also approved amendments to the Muslim Family Laws Ordinance 1961 and the inclusion of the Oath of Prophethood in the Marriage Registration Form. By-laws 2023 were also approved.

However, it’s important to note that the provincial cabinet did not approve the at-source deduction of the $88.673 million debt owed by KP in the funds received from the federal government for polio eradication, nor did it approve the payment of the provincial government’s share of the $155 million loan for future use. It’s worth mentioning that the Punjab province has already voiced opposition to such federal government conditions.

Copyright Business Recorder, 2023