Under the loan scheme, 250,000 applicants will be able to attain the loans each year for the next four years. Prime Minister Nawaz Sharif also stressed on how the scheme will benefit women.
"Out of those people who attain these loans, 500,000 of them will be women," he said.
"It is essential to work towards the development of the country; it is important for [women] to move forward and build society," he added.
Furthermore, he said that "there will be no mark-up on these loans".
"This is the first government to launch such a loan scheme," the prime minister said, adding that the development schemes will benefit everyone in the country -- including those who hold dharnas against the PML-N government.
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Great, another "note chapo" scheme. Nothing like running those money printing machines at full speed. I would like to see some solid policies to improve the business climate in Pakistan.
@Nasir Mahmood:
Really!!!! Experience also shows that this loan is nothing but rishwat to their future voters...... Experience also shows that this kind of loan only ends in the hand of PARTY supporters.
This scheme will bring prosperity to at least few hundred families whose young children are jobless. Experience shows politicians such as Chaudhries never return loans but the poor are more honest and responsible. They will definitely honour their commitment to return nation’s money.
@fawad PMLN is not statesman party but a right wing party with trickle down economy as their model. While they may try to fix the social aspects of the society, this is not what they are made of and this is not what they promised. They are purely focused on getting country's finances and economy in order with more focus on development of infrastructure, tax breaks / long holidays to multi nationals, lower corporate taxes but higher individual taxes, etc.
The irony here is that the social justice was PPP's motto that they had 5 years to implement and they did not. PTI is rightly taking that place and I think once the basic finances are in order, money starts flowing through economy. etc. people will demand social justices, salary regulations, etc. That will be time for PTI/PPP to show their muscle.
Nothing but gimmiks. No serious efforts by nawaz sharif to de politicize police, or for that matter any other institution. Now even the aviation professionals are politicized you divert flights for political reasons.
Sorry state of nation when ignorance runs amok and people just critique for the sake of critique. @khan it is 250K ppl. / year so 100K ppl in total or 10 million (100 00 000).
Also care to explain "Highest Interest Rate" ? Highest against what and how. I am checking borrowing rate of Government of Pakistan at LIBOR + 5 which is much better than LIBOR + 8 etc that previous government good. A cheaper loan help service expensive loan. Do you understand this or just looking at loan is what you are doing.
@Danish point well made the inflation is running wild but so you are suggesting don't do any thing? Have you heard about Kiva / Micor Financing. This is one industry that has now over 8 years of results using smaller loan amounts to poor people engaging them in to trade and commerce. Something is better than nothing, think of this as a micro finance industry.
@Adeel I think you are correct and that is OK. The purchases of auto/motor cycles should generate sales taxes, fuel taxes, people move and this is all connected to economic movement which in Paksitan has been stale for some time. Think of this as a poor mans stimulus.
@LHR I like your sarcasm. I hope people get the point you are making.
ET, pl. get your numbers right.
10 Billion among 250,000 is about 40,000 per loan on average... are you serious mr PM?
PM's loan scheme is a good step by PML-N federal government. One of its quality is having no mark up. This interest free scheme will enable Pakistani youth to setup and develop businesses and play their role in the progress of our country.
Good news for the auto and motorcycle industry `cause this is where the loans will be eventually utilized!
Government instead of giving loans to youth and women to help them start businesses etc should arrange concerts and dharnas ....as these bring prosperity to any country
Infact government should stop doing all development work and concentrate on agitation and arranging jalsas .........to bring Inqalab
@Khan: Regarding ure math comment, please note: 250,000 ppl will get loan per annum, in 4years this is equal to 1,000,000 ppl in total, out of which 500,000 will be women, in essense 'Dar' maths is absolutely correct. Maybe u were using Asad Umar math, where in Peshawar, mass transit costs 50billion+ & in Islamabad it should cost 4Billion-
Keep doing your good work Mr.PM , Nation is with you
For sure "This is the first govt" to spend people money so mercilessly and borrow money at highest interest rate (because it is in the name of PAKISTAN not shurafa family).
The fact is that this money is just a bribe to people that Govt could not produce jobs for even after voting for Shurafa.
Lastly, Tribune's numbers are incorrect. Total people to get loan are 250,000 where as out of 250,000 number of women will be 500,000...........Does not make sense.............Sounds more like Shurafa/Ishaq Dar math.