Cabinet approves Rs100bn youth loan programme

ISLAMABAD: The federal cabinet on Tuesday approved “Kamyab Jawan Programme” for extending loans up to five million rupees to the youth so that they could start their own businesses, Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan said.

Briefing the media about cabinet decisions here, she said the cabinet held a thorough discussion on education policy and the new Rs100 billion youth loan programme.

She said youths aged 18 to 35 years were 65 per cent 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. She said 25 per cent of the loans would be given to women, who comprised 52 per cent of the population.

Dr Firdous said loans from Rs100,000 to Rs 500,000 would be given to youths on six per cent interest and equity of Rs50,000. Loans from more than Rs 500,000 to Rs five million would be provided on eight per cent mark up with 20 per cent equity by the applicant.

The programme would bring an economic revolution as youths would be self-employed and not only bear their own burden but also help reduce inflation and unemployment, she observed.

Special Assistant to Prime Minister on Youth Affairs Usman Dar would brief the media about the salient features of the programme in coming days. Dr Firdous said a regulatory mechanism had been planned to supplement the efforts of provinces in education sector.

Minister for Federal Education and Professional Training Shafqat Mehmood briefed the cabinet about the plan to increase literacy rate and provide vocational training and skills to students. She said the minister would brief media about the contours of the education policy focused on provision of quality education, uniform curriculum and reforms.

The spread of education would help in tackling challenges facing the country, she remarked. She said there was concern among public about devaluation of rupee against dollar, adding the Adviser 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 the crisis with the strength of the people, she continued. She said the adviser on finance would brief the media on Saturday about a roadmap to take the economy forward and also shed light on the wrong decisions of the previous government which led to the present economic mess.

She said the cabinet approved all the decisions of the Economic Coordination Committee (ECC), including ratification of grants to K Electric to keep Karachi free of load-shedding during Ramadan. She said Prime Minister Khan and cabinet members expressed deep grief over the demise of Federal Minister for Narcotics Control Ali Muhammad Khan Mahar.