Cabinet approves Rs 100b youth loan programme
PM lauds people for making donate generous donations for SKMTH
The federal cabinet on Tuesday approved to give short loans to youth under its ‘Kamyab Jawan’ programme. A quota of 25 per cent is dedicated to women under the scheme.
The banks will give the loans for six per cent interest rate for loans up to 0.5 million and eight per cent on loans up to five million. The youth will be able to start their own businesses and help generate jobs and boost economic growth.
The cabinet held a thorough discussion on education policy and the new Rs 100 billion youth loan programme. 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.
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.
There was concern among public about devaluation of rupee against the dollar and 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.