ISLAMABAD: Federal Cabinet, which met under the chair of Prime Minister Imran Khan on Tuesday, approved 'Kamyab Jawan Program' to economically empower youth.
Under the Kamyab Jawan Program’, a youth can get loan from Rs 100,000 to Rs million. 25 percent of the loan will be granted to women.
Briefing the media about the decisions of the cabinet, Prime Minister's Special Assistant on Information and Broadcasting Dr Firdous Ashiq Awan has announced.
Firdous said “Under the program, a youth can get loan from Rs 100,000 to R 5 million in two categories. In the first category banks will provide loan upto Rs 500,000 at six percent mark-up with lending equity of 10 percent of the amount applied.”
She added under the second category, an applicant can get loan up to Rs5 million at a mark-up of eight percent and equity ratio of 20 percent, Radio Pakistan reported.
The program has been initiated to make youth self-employee and overcome inflation and joblessness.
She went on to the cabinet also pondered upon the rupee depreciation and its impact on inflation.
The cabinet was informed that Prime Minister's Advisor on Finance Dr Abdul Hafeez Shaikh will unveil a long term economic plan on Saturday.
She said the cabinet also approved the decisions of last meeting of Economic Coordination Committee.
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