Election promises: Nawaz unveils Rs20b package to empower youth
Announces six schemes, including easy loan and training programmes, to create self-employment opportunities.
Prime Minister Nawaz Sharif. PHOTO: REUTERS
ISLAMABAD:
Prime Minister Nawaz Sharif on Saturday announced a financial assistance package to empower the youth and create employment opportunities in a nation struggling to find enough jobs for its swelling ranks of youngsters.
In his second televised address to the nation, the premier announced six schemes to help talented students and unemployed youngsters of the country. Initially, a sum of Rs20 billion has been set aside for these schemes.
The schemes – which include easy business loans and education and training programmes – are aimed at creating self-employment opportunities for the youth in accordance with the ruling Pakistan Muslim League-Nawaz’s election manifesto.
Pakistan has a large and growing population of under-30s, many of whom have difficulty finding work but were attracted to the PML-N’s pre-election promises that it would create new opportunities for them.
“Today, we are beginning a journey for the fulfillment of [our] promises. This is the first step in a long journey. With the passage of time, these steps will not only be enhanced but we will allocate more and more resources towards their fulfillment,” the premier said.
“Although we face a shortage of resources and financial difficulties, we are fulfilling our promises and initiating programmes [which] will open new avenues for the welfare of underprivileged segments and youngsters.”
The prime minister announced a Micro Interest-Free Loan Scheme targeted at the disadvantaged sections of the youth and said Rs3.5 billion has been allocated for the programme in the current fiscal year. The scheme would eventually benefit around 250,000 people.
The Small Business Loan Scheme has been designed for the unemployed youth, particularly those who are educated, to encourage them to start their own businesses.
Under the scheme, loans ranging from Rs500,000 to Rs2 million would be offered to the youth at a concessionary markup rate of 8%. The remaining burden of the markup would be borne by the government, the premier said. “Half of these loans would be provided to women.”
Under the Youth Training Scheme, young people with 16 years of education will be provided on-the-job training to help them secure job opportunities both at home and abroad. During the training, the youth will also be provided a monthly stipend of Rs10,000. The prime minister said Rs4 billion has been earmarked for the scheme in the current fiscal year and 50,000 graduates will benefit from it.
Another vocational training scheme was announced for young adults who have studied up to 8th grade. Under the Youth Skill Development Scheme, boys and girls up to the age of 25 years would receive six-month vocational training along with a monthly stipend of Rs5,000. The government has set aside Rs800 million for the programme.
Prime Minister Nawaz also announced a scheme to sponsor the tuition fee of students hailing from under-privileged areas. “Any talented student should not be deprived of educational opportunities, only because his or her parents cannot afford the academic expenses.”
Under the programme, the government will provide Rs40,000 annually for youngsters aiming for a post graduate programme for MA, MSc or higher level. A sum of Rs1.2 billion has been allocated for this scheme, he said, adding that 30,000 students would benefit from this initiative.
Finally, the prime minister announced a scheme to provide laptops to 100,000 students across the country this year.
“The main idea of these initiatives is to provide financial opportunities for making these segments self reliant and self sufficient in their development… Globally, job opportunities in the public sector are decreasing each day,” said the premier.
“Billions of rupees … spent on government institutions functioning in deficit … could be saved each year,” he said, in a jibe aimed at loss-making government entities like PIA, Pakistan Steel Mills and Pakistan Railways.
“This amount could be utilised on schemes for the welfare of the common man, education and training of youth and creating new opportunities for the youngsters,” he added.
“This government aims to immediately resolve all issues confronting Pakistan, so that the economy would be strengthened in such a manner that we shall not require any foreign assistance.”
According to Prime Minister Nawaz, the federal cabinet has already approved the basic structure of these schemes and completed arrangements for their implementation. He, however, invited suggestions from people to make these schemes more transparent and merit based.
Overview of package
• Prime Minister’s Scheme for Provision of Laptops
• Micro Interest-Free Loan Scheme
• Small Business Loan Scheme
• Youth Training Scheme
• Youth Skill Development Scheme
• Fee Payment Scheme for Post-graduate Students from Under Privileged Areas
Published in The Express Tribune, September 22nd, 2013.
Prime Minister Nawaz Sharif on Saturday announced a financial assistance package to empower the youth and create employment opportunities in a nation struggling to find enough jobs for its swelling ranks of youngsters.
In his second televised address to the nation, the premier announced six schemes to help talented students and unemployed youngsters of the country. Initially, a sum of Rs20 billion has been set aside for these schemes.
The schemes – which include easy business loans and education and training programmes – are aimed at creating self-employment opportunities for the youth in accordance with the ruling Pakistan Muslim League-Nawaz’s election manifesto.
Pakistan has a large and growing population of under-30s, many of whom have difficulty finding work but were attracted to the PML-N’s pre-election promises that it would create new opportunities for them.
“Today, we are beginning a journey for the fulfillment of [our] promises. This is the first step in a long journey. With the passage of time, these steps will not only be enhanced but we will allocate more and more resources towards their fulfillment,” the premier said.
“Although we face a shortage of resources and financial difficulties, we are fulfilling our promises and initiating programmes [which] will open new avenues for the welfare of underprivileged segments and youngsters.”
The prime minister announced a Micro Interest-Free Loan Scheme targeted at the disadvantaged sections of the youth and said Rs3.5 billion has been allocated for the programme in the current fiscal year. The scheme would eventually benefit around 250,000 people.
The Small Business Loan Scheme has been designed for the unemployed youth, particularly those who are educated, to encourage them to start their own businesses.
Under the scheme, loans ranging from Rs500,000 to Rs2 million would be offered to the youth at a concessionary markup rate of 8%. The remaining burden of the markup would be borne by the government, the premier said. “Half of these loans would be provided to women.”
Under the Youth Training Scheme, young people with 16 years of education will be provided on-the-job training to help them secure job opportunities both at home and abroad. During the training, the youth will also be provided a monthly stipend of Rs10,000. The prime minister said Rs4 billion has been earmarked for the scheme in the current fiscal year and 50,000 graduates will benefit from it.
Another vocational training scheme was announced for young adults who have studied up to 8th grade. Under the Youth Skill Development Scheme, boys and girls up to the age of 25 years would receive six-month vocational training along with a monthly stipend of Rs5,000. The government has set aside Rs800 million for the programme.
Prime Minister Nawaz also announced a scheme to sponsor the tuition fee of students hailing from under-privileged areas. “Any talented student should not be deprived of educational opportunities, only because his or her parents cannot afford the academic expenses.”
Under the programme, the government will provide Rs40,000 annually for youngsters aiming for a post graduate programme for MA, MSc or higher level. A sum of Rs1.2 billion has been allocated for this scheme, he said, adding that 30,000 students would benefit from this initiative.
Finally, the prime minister announced a scheme to provide laptops to 100,000 students across the country this year.
“The main idea of these initiatives is to provide financial opportunities for making these segments self reliant and self sufficient in their development… Globally, job opportunities in the public sector are decreasing each day,” said the premier.
“Billions of rupees … spent on government institutions functioning in deficit … could be saved each year,” he said, in a jibe aimed at loss-making government entities like PIA, Pakistan Steel Mills and Pakistan Railways.
“This amount could be utilised on schemes for the welfare of the common man, education and training of youth and creating new opportunities for the youngsters,” he added.
“This government aims to immediately resolve all issues confronting Pakistan, so that the economy would be strengthened in such a manner that we shall not require any foreign assistance.”
According to Prime Minister Nawaz, the federal cabinet has already approved the basic structure of these schemes and completed arrangements for their implementation. He, however, invited suggestions from people to make these schemes more transparent and merit based.
Overview of package
• Prime Minister’s Scheme for Provision of Laptops
• Micro Interest-Free Loan Scheme
• Small Business Loan Scheme
• Youth Training Scheme
• Youth Skill Development Scheme
• Fee Payment Scheme for Post-graduate Students from Under Privileged Areas
Published in The Express Tribune, September 22nd, 2013.