Govt reduces interest rate on youth loans by 50 percent

Budget 2020-21 focuses on providing relief to people: Hafeez Shaikh
ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh has announced that the federal government decreased interest rate by 50 percent on loans to youth under the ‘Kamyab Jawan Program’.
Addressing a press conference in Islamabad today, Hafeez Shaikh said given over one billion rupees to 2,900 youths under the scheme. He maintained that 7,500 more youths will benefit from the scheme.
The adviser said that they will increase the loans limit from Rs 5 million to Rs25 million. Talking about the country’s economic situation, he said that the government effective steps bearing positive results.
He said continuous stability has been witnessed in stock markets due to improving economic conditions. The advisor further said, “Economy is heading in the right direction while exports have increased in the country”.
He said that Moody’s had confirmed Pakistan’s B3 credit rating with a stable outlook which is a major success for the government’s economic team.
He also stressed to extending further facilitation to the business community, especially to the small and medium entrepreneurs, so that they were encouraged and did not face any financial issues.
Hafeez Shaikh further stressed giving special focus to further increasing the close coordination among all the relevant inter-provincial authorities and the departments in this regard.
Prime Minister Imran Khan has formed the National Coordination Committee on Small and Medium Enterprises Development for the growth of the SMEs sector in the country, he added.
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