Rs100bn set aside for start-up loans to end unemployment

ISLAMABAD: Prime Minister Imran Khan on Tuesday announced the allocation of Rs100 billion for start-up loans and 170,000 skilled education scholarships to overcome the challenge of unemployment.

The Prime Minister, in a special televised message for the youth, said the government was focused on promoting contemporary skills through scholarships and courses to attempt to help them become self-reliant in earning and businesses.

Khan said out of the 170,000 scholarships, around 50,000 would be reserved for high-end skills which include artificial intelligence and big data. “Those who qualify on merit, such six-month scholarship courses will become part of the technology revolution the country is heading towards,” he added.

Khan said the initiative to extend soft loans worth Rs100 billion through the Kamyab Jawan programme would encourage the country’s youth to launch start-ups and businesses of their own.

Terming unemployment a “huge problem”, he said the government would increase fund allocation for special incentives of youth every year. He pointed out that the youth needed to refocus their energies on learning skills to become self-reliant rather than desiring government jobs.

He said the government could not afford more public jobs as already the pension bill was adding to the financial burden. “The world over, private sector jobs, self-business, small and medium enterprises and start-ups are the solution to unemployment,” he added. Khan expressed his hopes that the youth would fully benefit from the two projects announced by the government and tap the immense opportunities in diverse fields.