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Prime Minister approves interest free loan scheme - Press Note issued by Press Information Department

May 14, 2014



Following is the text of press note issued by Press Information Department (PID)

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Prime Minister Muhammad Nawaz Sharif has said micro finance schemes are the catalysts for political and economic development while micro credit is an instrument of change for the poorest segment of the society, especially women.

Such schemes further boost the productive economic activities in the country. Prime Minister Muhammad Nawaz Sharif further said that I am convinced that if our youth are given proper guidance and financial support through micro credit schemes and better access to innovative technology, they can play their positive role in development of the country.

Prime Minister said this in a meeting which reviewed the progress of the interest free loan scheme. Prime Minister Nawaz Sharif approved the interest free loan scheme worth Rs 3.5 billion which will cater 1 million persons in Pakistan. Fifty percent of the beneficiaries would be women. The disbursement of interest free loans would start in third week of June this year.

Prime Minister said this during a review meeting of the scheme. Mr. Ishaq Dar, Minister for Finance, Ms. Mariam Nawaz, Chairperson Prime Minister Youth Scheme (PMYS) and Dr. Waqar Masood, Secretary Finance and other high government officials attended the meeting.

Ms. Maryam Nawaz, Chairperson Prime Minister Youth Scheme briefed the Prime Minister. She said that today we have fulfilled another promise of Prime Minister of Pakistan made with the youth of Pakistan. She said that transparency and merit are hall mark of our programme and we believe in disbursing capital and imparting skills for development of our youth.

She briefed the PM that the Government has earmarked Rs. 3.5 billion for the Interest Free Loan for the target beneficiaries' from all over the country which will be disbursed through Pakistan Poverty Alleviation Fund. Each federating unit has been given share as per the NFC Award with the primary focus on rural areas.

Each beneficiary will receive up to Rs 50,000 through the Interest Free Loan Scheme and one Million people will get the benefit from the scheme. Proper Loan centre and Business Support Centre will be are formed to facilitate the beneficiaries. PM was told.

Ms Maryam also briefed the PM on progress of the other program of PMYS. She told the PM that training of selected Youth in PM Youth Skill development program has commenced from 12th May 2012. Twenty Five thousand youth, of the lesser developed areas from all over the country, will be imparted training in one hundred disciplines under the Youth Skill Development Program.

The duration of training programme is 4-6 months for various disciplines and will cost Rs. 800 Million. 35% quota is allocated for female keeping in view the Government's policy of empowering the women in the country.

The allocation of seats is according to the population in the federating Units, based on NFC award. The basic aim of the scheme is to train the youth in different vocation in order to make them self sufficient. The Skill Development Program is focused to channel the talent and energies of the youth so that they can earn their livelihood and meet the challenges of the modern world, she said.

Ms Maryam Nawaz told the PM that the PM Fee Disbursement Scheme would benefit approx. 33,000 eligible students, during the current Financial Year. The students doing M Phil and PhD from 59 districts will avail provision of tuition fee and other education charges. The Government will cover all the expenses, she said.

Briefing the Prime Minister on the PM Laptop scheme, Chairperson of PMYS told that all MS, M Phil and PhD scholars of Public sector universities would be eligible. There will be a special quota for disabled, she added. The students would be selected upon their performance, she said. Bright students of polytechnic institutions will also be eligible.

PM was told that the M/s HAIER Electrical Appliances, the Company which got the contract will assemble 10,000 laptops in Pakistan and from next year 100% distributed laptops will be assembled in Pakistan. Every laptop will have an EVO device with three months of free internet connection.

The company will also offer internship to selected students. The company will establish E- education rooms in two universities where 14 software will be installed free of cost. . The distribution of laptops will start in June with first tranche of 10,000 laptops. This scheme will be transparent like other schemes of govt.

PM said that the establishment of assembly plants is step in the right direction I am happy that this scheme was examined and vetted by Transparency international and is being appreciated by them, PM added.

Meeting also reviewed the arrangements of 2nd Ballot of PM youth Business Loan scheme. Ms. Maryam said that next balloting of youth loan scheme will be carried out next month. I am personally supervising the program and ensuring coordination between all the departments for better efficiency, she added.

For more information, contact:

Haji Ahmed Malik

Principal Information Officer

Press Information Department (PID)

Tel: +9251 925 2323 and +9251 925 2324

Fax: +9251 925 2325 and +9251 925 2326

Email: piopid@gmail.com

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Source: Pakistan Press International