Prime Minister Muhammad Nawaz Sharif said on Wednesday that the PM youth business loan scheme initiated by his government will prove a launching pad for ushering an era of economic prosperity and development in the country saying transparency and merit will be maintained at any cost in the disbursement of loans to the deserving applicants. He said this while addressing a huge gathering attended by size-able number of loan seekers, MNAs, MPAs, elders of Malakand Division here at Wadudia Hall after formally the launching of PM Youth Business Loan Scheme. Governor KPK Engr. Shaukatullah Khan, Federal Minister for Information and Broadcasting Pervez Rashid , Federals Ministers Sardar Yousaf , Deputy Speaker National Assembly Murtaza Javed Iqbal Abbasi, Advisor to PM Engr. Amir Muqam and PMLN leader Iqbal Zafar Jhagra were in attendance. The Prime Minister at the outset of his speech while paying glowing tributes to valiant people of Malakand division for their sacrifices for restoration of peace, said that the youth business scheme would be implemented in letter and spirit by removing the obstacles, and assured to further refined and tuned scheme making it more simple and beneficial for the loan seekers. He said various conditions of the loan scheme have been refined as now close relatives could also furnish guarantee of the applicants. Similarly more than one guarantor could also furnish guarantee of the loan seekers. This scheme would grow further with the passage of time and will ensure the success of this scheme. He said it would prove one of the best loan scheme ever launched in the country and declared in clear terms about judicious utilisation of the public money across the country without any discrimination among the applicants. He said a Prime Minister is a representative of the entire nation and work for betterment of the whole country. Any applicant no matter to which party he belong, if he fulfilled the merit for obtaining loan would be facilitated and denied the notion that loan seekers affiliated with PMLN would get any preference in this scheme. He told the audience that the loans will be doled out among the province on the basis population’ share and clarified that the quote of a province would not diverted to any other federating units in case less applications were received from a province. The shortfall of that province would be shifted to the next month cases of applications. Muhammad Nawaz Sharif said that development of small and medium enterprises played key role in the economic development of any country but unfortunately this sector has been ignored in our country as no loan was extended by any bank to the poor people in the past. ”All bank’s are ours, it’s not belong to any specific group of people.“, he maintained. It’s a fact that influential class of the country benefited from the banking sector but now the present government opened up the banks to the people who wanted to run their small businesses in a dignified manner. ”We lag behind from other countries of the region viz a viz development because we did not develop small and medium sector.“ The Prime Minister recalled that in 1990s he had conceived this idea of developing SMEs but could not do so due to certain problems. ”But this time we launch this scheme within six month after formation of the government“, he added. On this occasion the Prime Minister also invited the applicants at the stage and sought their suggestions and comments about the scheme and the problems they faced while processing their cases in the banks and had lively interaction with them. The PM asked various queries from them about the business they wanted to initiate after getting loans“.
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