The Federal Cabinet has given the nod to Prime Minister Imran Khan’s ‘Kamyab Jawan Program’ which aims to economically empower the youth of the country.
The decision was taken on Tuesday’s cabinet meeting with PM Imran Khan in the chair.
The program will allow youth to take startup-driven loans of Rs. 100,000 to Rs. 5 million. Under the scheme, 25% of loans will be granted to women.
Dr. Firdaus Ashiq Awan, while briefing the meeting, said that the loans of Rs. 100,000 to Rs. 5 million can be acquired in two categories.
In the first category, banks will provide loan up to Rs. 500,000 at six percent mark-up with lending equity of 10 percent, while in the second category, a loan of Rs. 5 million will be provided at a mark-up rate of eight percent and an equity ratio of 20 percent.
She said the program will help youth to start their own businesses, reduce inflation and unemployment in the country.
Note that, PM Khan had approved a grant of Rs. 100 billion for the ‘Kamyab Jawan Program’ last week.
“Furthermore, the cabinet also discussed the issue of rupee devaluation and its impact on inflation and economy,” she said, adding that the Advisor to PM on Finance Dr. Abdul Hafeez Shaikh was expected to roll out a long term economic plan on Saturday.
Dr. Awan said the cabinet also okayed the decisions of the last meeting of the Economic Coordination Committee (ECC).