Govt disburses interest-free loans under Kamyab Pakistan Programme

Federal Minister for Finance and Revenue Shaukat Tarin said on Thursday that the incumbent government had laid the foundation of a welfare state to ensure the country's underprivileged did not suffer anymore and had opportunities available to earn respectable livelihood for themselves.

“The foundation of welfare state has been laid. This is a big day, big day for the poor,” the federal minister said while addressing the ceremony for disbursement of interest-free loans under the Kamyab Pakistan Programme.

The federal minister said that initially four million households will be provided financial assistance under the programme, which will gradually be extended to six million and then seven million households.

He was of the view that as and when this programme spreads across the country, it would bring prosperity for the low-income segment of the society.

Tarin said that the country's poor had always been shown dreams of food, clothing and shelter and were forced to believe that a trickle-down effect of a growing economy will have an impact on them too. However, the minister lamented that even after 74 years of Pakistan's inception, this could not happen till date.

He said that Prime Minister Imran Khan believed in the Riyasat-e-Madina, so he had equal focus on strengthening the economy, enhancing income of upper and middle classes as well as welfare of the poor.

Read Shaukat Tarin takes oath as federal minister of finance

He said that the prime minister did not want the poor to wait for the trickle-down effect and hence, urged for this programme so that the underprivileged would get opportunities to earn respectable livelihood for themselves without their self-respect being hurt.

The finance minister said that under the Kamyab Pakistan Programme big banks would lend wholesale loans to small and microfinance banks, which provide loans to deserving people on retail basis.

Under the programme, he added, the farmers would be provided interest-free loans upto the tune of Rs150,000 for one crop and Rs300,000 for two crops and Rs200,000 for tractors.

Likewise, Rs500,000 loans will be provided to a household for setting up a business, and Rs2 million to Rs2.5 million for building a house. In addition, Sehat cards were provided to ensure health coverage for the poor.

He added that loans were being provided purely on merit basis with complete transparency irrespective of affiliations with any party, group or tribe.

He also appreciated all the stakeholders, small and large banks, for making this big programme successful within a short span of time.