Prime Minister Shehbaz Sharif, expressed optimism on Thursday that young people would contribute significantly to the economic growth of the nation by obtaining loans through the “successful youth loan program” and marketing their enterprises.
“I am committed to giving young people access to facilities, notwithstanding the challenging economic climate. At a ceremony to hand out checks to recipients of the Prime Minister’s Youth Loan Program, he stated that the recovery rate for prior loan programs for youths was 99 percent.
Along with that, the Free Lancer Card was introduced by the Prime Minister in association with the Bank of Punjab. He claimed that Pakistani youths had never had their loans forgiven, a situation that caused the country’s economy to suffer greatly as billions of rupees in loans had previously been forgiven. “The loans given today under the Prime Minister Youth Programme are a continuation of the 2013 exercise when the then-Prime Minister Nawaz Sharif started a loan program for sons and daughters of the nation,” he continued.
He claimed that it was falsely believed that if banks gave loans to people, they wouldn’t be able to pay them back. The farmer, youth loan schemes, and other similar programs that provided loans had a 99 percent recovery rate. “In the past, billions of rupees worth of loans were waived in the country,” he continued.
In order to make the program successful, he praised Shaza Fatima Khawaja, her team, Finance Minister Ishaq Dar and his team, the Governor of the State Bank of Pakistan, and other banks. In light of the current economic climate, he claimed, the government had begun an austerity program that would save Rs200 billion yearly, cut spending, and ensure that money was available for young people. He declared that he would make any sacrifice necessary for the youth to help them lead the nation toward progress by working tirelessly day and night because they held the future of the nation in their hands.
The Prime Minister expressed his gratitude for the full support of the Prime Minister Youth Loan Program from the Islamabad Chamber of Commerce and Industry, Akhuwat, NRSP, and other partners.
According to him, 100,000 computers would be given to worthy young people around the nation as part of the Youth Loan Scheme.
He claimed that individuals who had previously criticized the laptop program should have seen how they had assisted the youth in earning a living, particularly during the pandemic. The Prime Minister added, “I am not giving Kalashnikovs; I am giving laptops.”
Shiza Fatima Khawaja, the SAPM for Youth Affairs, had earlier updated the audience on the effectiveness of the Youth Loan Program and promised that the target of Rs30 billion in loans to the youth will be met.
The austerity program, according to Prime Minister Shehbaz Sharif, would be ruthlessly followed, and any leniency will not be accepted. The “historic” measures made to promote austerity and simplicity would have a significant influence, and the public would also support them, said the meeting’s chairperson. The meeting was held to examine the implementation of the strategy. To oversee how the decisions were carried out, he ordered the creation of a monitoring committee. At a minimum, the group would convene every two weeks. The group, which would include participation from all associated parties, will be presided over by a cabinet member from a coalition party.
Shehbaz Sharif had stated that he will personally oversee the execution of the austerity measures. In a series of tweets, he claimed that the austerity measures, which start with the cabinet members giving up their salaries, benefits, and privileges voluntarily, would save the exchequer Rs200 billion yearly. He acknowledged his appreciation for the assistance received from all coalition members.