Youth business loans based on merit: PM


Prime Minister Nawaz Sharif has expressed the resolve of the government to weed out culture of nepotism for good and introduce merit-based system in the country.
Speaking at a function held in Hyderabad Friday afternoon in connection with Prime Minister’s Youth Business Loans Scheme.
The prime minister deplored that disadvantaged segments of the society have remained ignored ever since independence and said it is duty of the government to give everyone his right.
He said decisions should be made on merit and without consideration of caste‚ creed‚ parochialism or faith.
He lauded people of Sindh for receiving migrants at the time of independence with open arms. He said all parts of the country have demonstrated spirit of sacrifice but this was of unique nature in Sindh.
He said Youth Business Loans are being given to applicants purely on merit and even he himself has no discretion in the grant of loans.
Nawaz Sharif said banks too have no discretion and they will have to pen down reasons while accepting or rejecting applications for loans.
The prime minister said the government wants to help the youth for their betterment. He said business loans to the young people will be big change and bring prosperity.
He said positive results of Business Loans will start showing after an year. He said economic activities generated through these loans will help increase the GDP growth and exports of the country.
The prime minister expressed the hope that the youth will come up to his expectations and the expectations of the nation. He also hoped that the youth will work hard in the businesses and return the loans in a good manner.
The prime minister said the guarantor’s conditions for the Youth Business Loan Scheme have been eased to facilitate loan-seekers. Now any person including blood-relatives and family member having net worth of 1.5 times the loan‚ can give the guarantee, he added.
Any grade-15 or above government officer with eight or more years remaining services can be a guarantor, he said.
More than one person with cumulative net worth of more than 1.5 times the loan can give guarantees on single loan application. Anyone with net worth more than 1.5 times the loan can give his own guarantee as well, he said.
The condition of the applicants’ bank account in National Bank of Pakistan has also been waved off and now the applicants’ can open his account in any bank.
The prime minister expressed the hope that the youth will take full benefit of this facility. He said loans will be given on ballot.
Referring to Yellow Cab Scheme‚ he said it was a successful one‚ and its recovery rate was ninety-nine percent.
Nawaz Sharif said there will be good decision soon on Karachi Circular Railways and hoped that this project will be successful.