Prime Minister Nawaz Sharif on Friday said the conditions for guarantors in the Youth Business Loan Scheme have been eased keeping in view the difficulties faced by the youth. He said that now any person including blood relation/family member having a net worth of 1.5 times the loan can give a guarantee. Further, any Grade-15 or above government officer who still has eight or more years in service can be a guarantor.

More than one person with cumulative net worth of more than 1.5 times the loan can give a collective guarantee against a single loan application. Anyone with a net worth more than 1.5 times the loan can give his own guarantee. Moreover, applicant's bank account can be in any bank including National Bank of Pakistan, the Prime Minister said. He made these remarks in his address to the applicants of Youth Business Loan Scheme at Hyderabad.

The Prime Minister said that we have to trust our youth and want to give them financial independence so that they can play their positive role in the economy of the country. He disclosed that the recovery rate in the Yellow Cab scheme was around 99%.

The Prime Minister said that previously loans were only extended to big personalities and entities while small loan borrowers were neglected. "We have decided to award loans to small borrowers in order to give benefit to the skilled youth and lower strata of society. This will not only benefit the small borrowers but their families and people who will get employed in these projects. The number of beneficiaries will run in hundreds of thousands," PM added.

He further said that his government ensured transparency at every level in the process of granting loans. "Not even my "Safarish" (preferential recommendation) will be accepted in it," PM said. He said the culture of favouritism and nepotism is a cancer which has eaten into the vitals of our society and we want to ensure transparency and merit at every level in the government.

Later, the Prime Minister met the applicants and enquired from them about their plans after they get the loans. The applicants were enthusiastic to find Prime Minister in their midst and said the loan scheme would help them utilise their skills not only for the benefit of their own selves but their families and society at large too.

Speaking about infrastructure projects in Sindh, the Prime Minister said that his government has a comprehensive plan to build a road network in Hyderabad and Karachi, adding that the Japanese government has shown interest in Karachi Circular Railway Project and the project would be initiated soon.

Federal Minister for Information, Broadcasting and National Heritage Senator Pervaiz Rashid and Chief Minister Sindh Qaim Ali Shah and other senior government officials were also present on the occasion. Earlier, upon his arrival, the Prime Minister was received by Chief Minister Sindh Qaim Ali Shah.

Recorder Report

Source: Business Recorder