Summary Nawaz Sharif distributes cheques of loans among forty applicants‚ mostly the women.
ISLAMABAD (Web Desk) - Prime Minister Nawaz Sharif has promised to weed out culture of nepotism and to introduce merit-based system in the country.
Addressing a public gathering in Hyderabad on Friday, PM Nawaz Sharif deplored that disadvantaged segments of the society have remained ignored ever since independence and said it is duty of the Government to give everyone his right.
He said decisions should be made on merit and without consideration of caste‚ creed‚ parochialism or faith.
He lauded people of Sindh for receiving migrants at the time of independence with open arms. He said all parts of the country demonstrated spirit of sacrifice but this was of unique nature in Sindh.
He said Youth Business Loans are being given applicants purely on merit and even the Prime Minister has no discretion in the grant of loans.
Mian Nawaz Sharif said banks too have no discretion and they will have to pen down reasons while accepting or rejecting applications for loans.
He said the government wants to help the youth for the betterment of their future. He said business loans to the young people will be big change and bring prosperity.
He said positive results of the schemes will start coming out after one year, adding that economic activities generated through these loans will help increase GDP growth and exports of the country.
Nawaz Sharif expressed the hope that the youth will come up to his expectations and the expectations of the nation. He also hoped that the youth will work hard in the businesses and return the loans in a good manner.
The Prime Minister the guarantor s conditions for the Youth Business Loan Scheme have been eased to facilitate loan seekers.
Now any person including blood relatives and family member having net worth of 1.5 times the loan‚ can give the guarantee.
Any grade-15 or above government officer with eight or more years remaining services can be a guarantor.
More than one person with cumulative net worth of more than 1.5 times the loan can give guarantees on single loan application.
Anyone with net worth more than 1.5 times the loan can give his own guarantee.
The condition of the applicants bank account in National Bank of Pakistan has also been waved off and now the applicants’ can open his account in any bank.
Nawaz Sharif expressed the hope that the youth will take full benefit of this facility. He said loans will be given on ballot.
Referring to Yellow Cab scheme‚ he said it was a successful one‚ and its recovery rate was ninety-nine percent.
Nawaz Sharif said there will be good decision soon on Karachi Circular Railways and hoped that this project will be successful.
Later‚ the Prime Minister distributed cheques of loans among forty applicants‚ mostly the women.
He also interviewed the beneficiary to know there business plans.
