Prime Minister of Pakistan Shahbaz Sharif has directed to increase the loan amount under the Youth Program from Rs. 500,000 to Rs. 1.5 million.
A review meeting on small and medium-sized business affairs was held in Islamabad today under the chairmanship of Prime Minister of Pakistan Muhammad Shehbaz Sharif, in which the Prime Minister directed to conduct a detailed survey of them to provide facilities to businesses and complete it soon.
In the meeting, the Prime Minister emphasized that the implementation of models from developed countries should be ensured to bring the facilities provided to small and medium-sized businesses in line with international requirements, and a special package for women entrepreneurs in small-scale businesses should be formulated and presented soon.
The Prime Minister said that SMEs play a key role in the development of the economy worldwide. The government is committed to facilitating small and medium-sized businesses to encourage entrepreneurship among Pakistan's workforce.
Highlighting the government's vision, the Prime Minister said that the government is striving to empower youth and women entrepreneurs so that they can not only earn their own livelihood but also create more employment opportunities.
The meeting was briefed on the progress of government initiatives for the development and facilitation of SMEs in light of the Prime Minister's special instructions.
The meeting was informed that in line with the Prime Minister's directives and after taking all stakeholders into confidence, the loan form for SMEs has been made easier and simpler so that more SMEs can benefit from the loan facility to improve their businesses.
Furthermore, the classification of SMEs is being done to ensure that all small and medium-sized businesses can benefit most from government support and facilities and are assured of timely and easy access to loans.
The meeting was further informed that on the directions of the Prime Minister, a new category will be introduced in SMEs to facilitate very small scale and small businesses of housewives, in which it will be easier for them to obtain loans and get government support for improving their businesses.
The Pakistan Bureau of Statistics, while informing about the figures of SMEs in three major cities, informed that a survey will be conducted in the next few months to plan for providing better facilities to SMEs across the country.
While giving a comprehensive briefing on the goals of the government's action plan to support SMEs and the timeframe for their completion, it was informed that SMEDA will launch a financial literacy and training program for SMEs by February this year. In addition, the program to introduce SNEs to modern technology will also be finalized and released by the middle of this year.
The meeting was attended by Federal Ministers Rana Tanveer Hussain, Ahad Khan Cheema, Minister of State Shaza Fatima Khawaja, Governor State Bank Jamil Ahmed, the four provincial chief secretaries, representatives of the SME sector and relevant senior officials.
Note= This Contact Copy Express News
Note = This Contact Copy Express News
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