Staff Reporter Islamabad
Federal government has decided to make drastic changes in the Kamyab Jawan Program, planning to increase the loan facility for youth under the initiative to Rs50 million.
A meeting for considering changes in the program was headed on Thursday by Finance Minister Shaukat Tarin and attended by Governor SBP Reza Baqir, SAPM on Youth Affairs Usman Dar and economic experts.
The meeting decided to expedite the distribution of funds to the youngsters on an immediate basis, establishing four categories in this regard.
The first category would include an Rs500,000 loan aimed at micro-financing which would include distribution of funds at the village, and union councils level.
In the second category, the amount has been increased from Rs1 million to Rs2 million which would be provided without security.
The amount in the third category has been raised from Rs2 million to 25 million while Rs50 million funds would be disbursed among the youngsters falling under the fourth category.
The decisions taken during the meeting would be approved by the federal cabinet and Economic Coordination Committee (ECC) by June 15 and the amount would be earmarked in the upcoming fiscal year’s budget.
It was further decided during the meeting that Rs100 billion would be distributed among the youngsters under the program on an immediate basis.
Speaking during the meeting, Finance Minister Shaukat Tarin said that the Kamyab Jawan Program would prove to be a revolutionary project for the industries sector and would help in improving the agriculture and small and medium enterprise (SME) sectors drastically.