Cabinet approves Rs 100 billion youth loan programme: Firdous

ISLAMABAD, May 21 (APP):The federal cabinet on Tuesday approved “Kamyab Jawan Programme” for extending loans up to Rs five million to youth, so that they could start their own businesses and help generate jobs and boost economic growth, Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan said.

Briefing the media about decisions of the cabinet meeting here, she said the cabinet held a thorough discussion on education policy and the new Rs 100 billion youth loan programme.

She said 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, she explained.

Dr Firdous said 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, 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 will brief media about the contours of the education policy focused on provision of quality education, uniform curriculum and reforms. 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 the dollar, adding the 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, she continued.

She said the Advisor 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 Ramazan.

She said Prime Minister Imran Khan and cabinet members expressed deep grief and sorrow over the sad demise of Federal Minister for Narcotics Control Ali Muhammad Khan Mahar.

The cabinet expressed sympathies with the bereaved family members and prayed to Allah Almighty to rest the departed soul in eternal peace and grant courage to the bereaved family to bear the irreparable loss with fortitude.