It was recently reported from Islamabad that the current Prime Minister of Pakistan, Mian Mohammad Nawaz Sharif, has approved an interest-free loan scheme. This means that the government is willing to disburse Rs 3.5 billion under a scheme where it is going to offer loans to different people (50 percent being women) across the globe.
It is being said that one million applicants, half of them being women, are going to be allowed to apply for this particular interest-free loan from all across Pakistan.
An official press statement released stated that the Prime Minister said, “I am convinced that if our youth are given proper guidance and financial support through micro credit schemes and better access to innovative technology, they can play their positive role in development of the country.”
The finance minister, Ishaq Dar, and the chairperson of the Youth Scheme, Maryam Nawaz, were both present during the meeting where Nawaz Sharif approved this loan scheme.
The Prime Minister spoke in favour of entrepreneurs and stated that such micro financing loan schemes are the catalyst for political and economic development and micro credit is the instrument that can change the cause of the poor segment.
On the other hand, the opposition (Pakistan Tehreek e Insaaf) has claimed that this particular loan scheme is only a gimmick played by the government.