Rs100 billion allocated to Youth Business Loans: Nawaz Sharif

[Edevelop]

GILGIT: Prime Minister Nawaz Sharif stated that a hundred billion rupees have been allocated for the Youth Business Loans scheme while addressing Pakistan Muslim League-Nawaz’s (PML-N) party members in Gilgit, Express News reported on Friday.

“The youth of Gilgit-Baltistan (G-B) between the ages of 21 and 45 can utilise this scheme,” the prime minister said. “The maximum amount of money that will given out as a loan is two million.”


“Loans will be given to anyone who is committed to doing business. Literacy and experience does not matter with regards to the loans.”


Nawaz gave more details about the scheme and stated that the loan can be returned in instalments over a period of eight years and no instalments would need to be paid in the first year.


Security


During his speech, Nawaz also said that “a special force will be established in G-B for the security of its people.”


“The force will be provided with modern weapons and excellent training, and will be appointed on merit,” the premier said adding that “thousands of people should be appointed for this force to improve the law and order situation in the area.”


With regards to the Nanga Parbat incident in which gunmen disguised as Gilgit Scouts had killed 10 foreign trekkers and their Pakistani guide, Nawaz revealed that “out of the 17 people involved in the tragedy 11 had been arrested including the mastermind behind the attack.”


Economic development


The premier claimed that eight billion rupees were given to G-B last year and more money will be given for the development of the region.


He emphasised that “this money should not go into the wrong hands and be treated as valuables of the citizens.”


“A motor way will be built from [the northwestern city of] Kashgar to Gwadar and will serve as an economic corridor,” Nawaz added. He also said that a railway and a cardiology hospital will also be built in the area.


The 2,000-kilometre road and rail link connecting Kashgar to Gwadar port was among eight pacts inked by China and Pakistan.

Rs100 billion allocated to Youth Business Loans: Nawaz Sharif – The Express Tribune

 

[Edevelop]

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[Ahmad Masood]

100 Billion in loan schemes. That's 1 Billion US$ almost. Loans will be taken through coercion and undue influence and then recoveries will become an operational issue. Who gives our government these suggestions. Government can push financial institutions to provide loans to youth on flexible and easy terms. On the other hand, 100 billion PKR can set up 100 medium size nationalized (I am not in favor of nationalization but to get rid of unemployment our government needs to go extra mile) industrial units in the country. Most of the unskilled and semi skilled workforce can be employed there.

If on average an individual takes a loan of 250,000 PKR, we will have 400,000 beneficiaries. 100 industrial units can easily accommodate such a number if working round the clock. By doing so, Government will not only provide employment to all but will make extra money through sales of products made in these industries.

 

[razgriz19]

first make it possible for the businesses to sustain the business!
people need electricity, safer streets to run the business.

 

[PurpleButcher]

Another way to get some die hard voters...this 100 billion will go into X no of favorable pockets and then these X no. of voters will remain loyal to sharif family for life.... just like when during the first sharif term people were given jobs in Punjab administration(esp police)...and those blind loyals have served sharifs to this date (esp this election)....similarly another scheme similar too BB income support... so that political people can spend tax money to win some further loyalties......

1 Bn dollar... isnt that the amount for which we have sold our sovereignty to USA. So one one side we say that we need money and as such a little bit of collateral death must be ignored and on the other side money is wasted in these schemes....

 

[Cherokee]

HOw much is it in USD ??

 

[Bilal587]

when they will launch housing scheme ?

 

[F.O.X]

Wastage of money .. instead use this 100bn to construct Universities & solving Energy crisis .. unemployment will automatically reduce ..

Typical Pakistani Politicians , focusing on short term goals , and ignoring the long term effects.

 

[Jazzbot]

Another lucrative move to lure youth towards PML-N..

 

[AZADPAKISTAN2009]

Good move but seems like another Yellow cab scheme just give money with no infrastructure in place

a) No electricity
b) No water
c) No transporation

Hard to run business (Operational one at least with out above 3)

People will take money an buy a yellow cab

 

[Pinnacle]

Amount is huge... If merit is not bypassed then this scheme would be a major success in creating small businesses for the jobless literate youth...

 

[SBD-3]

Amount is huge... If merit is not bypassed then this scheme would be a major success in creating small businesses for the jobless literate youth...

I doubt that. Our people are corrupt to the core. Most of this money will be wasted by this youth since they don't even know how to run a business. It would have been better if these loans would have been tied to social guarantee (like those in the Microfinance schemes) so that the borrowers have at least some moral pressure to use the money for its intended use.

Another lucrative move to lure youth towards PML-N..

Probably time for PTI to give something to youth as well except from "E-stuff"....

 

[SBD-3]

 

[Pinnacle]

I doubt that. Our people are corrupt to the core. Most of this money will be wasted by this youth since they don't even know how to run a business. It would have been better if these loans would have been tied to social guarantee (like those in the Microfinance schemes) so that the borrowers have at least some moral pressure to use the money for its intended use.

you are right but lets hope for the best....