Prime Minister Imran Khan on Wednesday introduced Rs407 billion worth of interest-free loans initiative worth Rs407 billion as a relief measure for low-income groups under the Kamyab Pakistan Programme. This is the third initiative that the premier has announced in a span of three days amid growing pressure from the opposition to de-seat him.

On Monday, PM announced reduction in petroleum prices and power tariffs during his televised address to the nation along with providing relief for the startup sector. This was followed by the launch of an industrial “amnesty” package for small and medium enterprises (SMEs).

The rollout of these packages have coincided with the PPP's anti-government agitation that started from Karachi on Sunday. It will see Bilawal Bhutto, the party's chairperson, lead activists through cities big and small in Sindh and Punjab before arriving in the capital Islamabad. Meanwhile, the opposition, including the Pakistan Democratic Movement, are finalising preparations to table a no-confidence motion against PM Imran in the National Assembly.

“Due to record tax collection, I announced [on Monday] the decrease in electricity price by Rs5 per unit and lowered the price of petrol and diesel by Rs10 despite an increase in the global markets,” he said while addressing the ceremony which was held at the Faisal Masjid in Islamabad.

The Federal Board of Revenue on Tuesday claimed to have collected Rs3.8 trillion worth of taxes during the first eight months (July 21-Feb 22) of the incumbent year, “knocking down” the last month’s revenue target of Rs441 billion, posting robust growth of 28.5 per cent. The development was shared by the PM and the FBR in separate tweets.

The premier vowed to utilise the tax money for public welfare and provide relief, reiterating his call to the people to pay levies for the country’s progress.

Elaborating on the details of the programme, he said it would benefit 4.5 miillion families under the initiative and it was being expanded to the whole country after its launch in Khyber Pakhtunkhwa, some areas of Sindh, and Balochistan.

Salient feature of interest-free loans initiative

• 4.5 million families covered under the programme
• Rs500,000 worth of loans for families in urban areas
• Rs350,000 worth of loans for families in rural areas
• Rs2 million worth of loan for building a personal house
• Technical education for a person
• Rs407 billion worth of interest-free loans in two years
• Rs56 billion worth of subsidy

“Over 4.5 million families belong to the low segment of society. Such families living in urban areas will be given loans worth Rs500,000 without any interest for starting their business. Interest-free loan up to Rs350,000 for people living in rural areas, so that a farmer can invest it on his land, and Rs2 million worth of loan for building a personal house,” PM Imran said.

Moreover, the premier stressed the need for providing technical education to a person in the same family in order to have financial support to the family. He was of the view that a person could be trained as an information technology expert in “six to twelve months".

“So far, we have disbursed funds worth Rs2.5 billion to the people. In future, we will give out another Rs1,000 billion loans to the same 4.5 million families. We will further expand this net,” he said, adding that the purpose of such schemes was to make people self-sufficient and learn skills to start a business.

He lamented that the government lacked funds to support more than 220 million population in the country.

Highlighting the government’s schemes, he said that so far Rs55 billion worth of house loans have been provided to the people under the Naya Pakistan Housing Scheme. He added that the numbers for the loan were increasing with every passing day, adding: “such initiatives were not rolled out in the past.”

PM Imran said that every family of Punjab will have the health card till this month’s end – an initiative that “makes him proud.” Such initiative covers health coverage up to Rs1 million and treatment at any hospital, including private and government.

Moreover, he also announced his decision to launch the Rehamtul lil Alameen Authority on Thursday (tomorrow) to raise awareness about Prophet Muhammad (PBUH) among children.