PM assures transparency in Youth Loan Scheme

PM assures transparency in Youth Loan Scheme

HYDERABAD: Prime Minister Nawaz Sharif on Friday assured the disbursements under Youth Business Loan Scheme would be made transparently and the violators of merit would be dealt with strictly.
“Neither me nor any authority in the National Bank of Pakistan (NBP) can favour anyone to get loan under this scheme. I even do not have such powers,” Prime Minister said addressing the launching ceremony of the scheme here.
Federal Minister for Information, Broadcasting and National Heritage Senator Pervaiz Rashid and Sindh Chief Minister Qaim Ali Shah and other senior government officials were also present on the occasion.
Describing it as social cancer, the Prime Minister expressed the government’s resolve to curb favouritism, vowing to enforce the merit policy at all costs.
He said he had envisioned the loan scheme during his previous tenure but it could not materialise as the government could not complete its term.
He said the loan scheme would help boost the country’s GDP (gross domestic product) and support the families of borrowers as well as of those allied with their businesses.
He recalled that the recovery rate of Yellow Cab Scheme was almost 99 percent and hoped the youngsters would also pay back this loan honestly.
He said the conditions for guarantors in the Loan Scheme had been eased keeping in view the difficulties faced by the youth. 
Now anyone, including the blood relatives having net worth of 1.5 times of the loan amount could give the guarantee. Moreover, any government officer of Grade-15 with eight or more years of remaining service could be a guarantor, he added. 
He said even more than one person with cumulative net worth of more than 1.5 times of the loan amount could give collective guarantees for a single applicant. Even, the applicant having required net worth could give his own guarantee. 
The applicant could have his bank account in any bank, including NBP, the Prime Minister said. He said, “We have to trust the youth and give them financial independence to play a positive role in the national economy.” The prime minister said in the past, loans were given only to influential ones and entities, while the small borrowers were neglected. 
“We have decided to give loans to small borrowers in order to give benefit to the skilled youth and lower strata of the society. This is a programme launched for the youth, who are the builders of Pakistan,” he said.
Prime Minister met the applicants and inquired about their plans after getting the loan. 
Speaking about infrastructure projects in Sindh, the prime minister said the government had a comprehensive plan to build road network in Hyderabad and Karachi. The Japanese government had shown interest in Karachi Circular Railway Project, which would be initiated soon, he added. 

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