Prime Minister Shehbaz Sharif has announced a significant increase in the loan amount under Pakistan’s Youth Program, raising it from Rs 500,000 to Rs 1.5 million. This decision, made during a review meeting on small and medium-sized businesses in Islamabad, aims to empower youth and foster entrepreneurial growth across the nation. The Prime Minister emphasized the need for aligning the support provided to SMEs with international standards, incorporating successful models from developed countries.
The meeting, chaired by the Prime Minister, also saw discussions on facilitating businesses through a detailed survey and a special package for women entrepreneurs in small-scale businesses. The government aims to ensure that SMEs can easily access loans, making it simpler for them to grow and contribute to the national economy. Shehbaz Sharif reiterated the importance of SMEs as a cornerstone of global economic growth, highlighting the government’s commitment to nurturing entrepreneurship in Pakistan’s workforce.
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Additionally, in response to the Prime Minister’s directives, the government is working on categorizing SMEs for better access to loans and support services. A new category for small-scale businesses, especially home-based women entrepreneurs, will be introduced to make obtaining loans more accessible. This initiative is part of the broader plan to empower women and youth, enabling them to create self-employment opportunities and contribute to Pakistan’s economic development.
Prime Minister Shehbaz Sharif also lauded the reduction in power tariffs for electric vehicles (EVs), a move aimed at boosting the sector and promoting eco-friendly transportation. The meeting concluded with updates on financial literacy programs, technological upgrades for SMEs, and a national survey to further improve facilities for small businesses across Pakistan.
