Pakistan Prime Minister Shehbaz Sharif has ordered an increase in the loan amount under the Youth Program from Rs 500,000 to Rs 1.5 million.
A review meeting of small and medium enterprises was held in Islamabad today, chaired by Prime Minister Shehbaz Sharif, during which the Prime Minister ordered that a detailed survey be completed soon to facilitate business.
During the meeting, the Prime Minister emphasized aligning the facilities provided to small and medium-sized businesses with international standards through the implementation of models from developed countries.
He also directed that a special package for women entrepreneurs in small businesses be prepared and introduced soon.
The Prime Minister noted that small and medium-sized enterprises (SMEs) are key to global economic development. The government is committed to encouraging SMEs to promote entrepreneurship among Pakistan’s workforce.
Shehbaz Sharif highlighted that the government is working to empower youth and women entrepreneurs to create self-employment and generate more job opportunities.
In light of the Prime Minister’s special directives, the meeting was briefed on progress in government actions to support and develop SMEs.
It was shared that as per the Prime Minister’s directive, after taking confidence from all stakeholders, the loan application process for SMEs has been simplified to ensure that more businesses can benefit from the loan facilities to improve their operations.
In addition, SMEs are being classified to ensure that small and medium-sized enterprises can fully utilize government support and facilities and have easy and timely access to loans on simplified terms.
Participants in the meeting were further informed that under the guidance of the Prime Minister, a new category will be introduced for very small scale businesses and women entrepreneurs working from home, making it easier to obtain loans and receive government assistance. to improve their businesses.
The Pakistan Bureau of Statistics provided updates on SME indicators for three major cities and shared plans for a national survey to improve SME facilities across the country in the coming months.
Complete information was provided on the government’s action plan to support SMEs and its timelines. It was stated that SMEDA would launch financial education and training programs for SMEs in February this year. In addition, a program to introduce modern technology to SMEs will be finalized and launched by mid-2025.
The meeting was attended by federal ministers Rana Tanveer Hussain and Ahmed Khan Cheema, state minister Sheza Fatima Khawaja, state bank governor Jameel Ahmed, chief secretaries of the four provinces, representatives of the SME sector and relevant senior officials.
Earlier, Chief Minister Shehbaz hailed the drastic reduction of Rs 30 per unit in electricity tariff for electric vehicles as a conducive step for the sector to boost emission-free and eco-friendly vehicles in the country.
The Prime Minister, who chaired a meeting to discuss the promotion of electric vehicle policy, thanked Energy Minister Awais Ahmed Leghari and his team for coming up with a compelling proposal to facilitate the launch of cars with subsidized charging by electric vehicle manufacturers in the country.
“They (Power Minister and his team) have slashed the tariffs in this sector from Rs 70 to Rs 40 per unit. This will encourage investors and industry partners to attract more investments in the electric vehicle sector,” said.
Yesterday, the Prime Minister welcomed the World Bank’s pledge of $20 billion under its first 10-year Country Partnership Framework (CPF) for Pakistan.
The Prime Minister, in a social media post on his timeline and private investment, the MPP reflects Pakistan’s national priorities, as envisioned in its Local Economic Transformation Plan.
