PM unveils 'Youth Business and Agricultural Loan Schemes'.

ISLAMABAD -- In a bid to facilitate the youth to become entrepreneurs, Prime Minister Shehbaz Sharif on Tuesday launched Youth Business and Agricultural Loan Schemes in Islamabad.

The loan schemes are aimed at promoting self-employment and entrepreneurship amongst the youth.

People in the age group of 21 and 45 years can avail the loan facility of up to Rs7.5 million under these schemes. For IT and E-commerce businesses, the lower age limit is 18 years.

Microfinancing through small business loans will promote a norm of job creation rather than job seeking among the country's youth bulge.

The addition of agricultural loans will help the rural youth in bringing innovation to farming which can include mechanised farming, the creation of agricultural value chains and the solarisation of farming equipment to create more sustainable energy resource management in a climate-challenged country like Pakistan.

25% quota has been reserved for women. Islamic banking facilities can also be availed on the loan scheme.

Addressing the ceremony, Premier Shehbaz said that the loan 'schemes are aimed at making the youth self-reliant'.

'In the past, the PML-N-led government provided Rs40 billion loans to youth and its recovery ratio was 90%. The Nawaz Sharif-led government issued laptops worth Rs15 billion to the youth.'

The prime minister also added that under the schemes, loans of up to Rs1.5 million can be availed on the personal guarantee of the borrower.

'There will be no interest rate on the loan of up to Rs0.5 million. 5% interest will be charged on the loan of over Rs0.5 million to 1.5 million,' he said, adding, '7% interest rate will be charged on the loan of over Rs1.5 million to Rs7.5 million.'

While talking about the international creditor, the premier said that the government asked the International Monetary Fund (IMF) that it "wants to complete the programme for 9th review".

'In a clear message, the IMF has said it stands with Pakistan,' the prime minister quoted the global lender as saying.

The IMF further said 'together, we will steer the country out of the crisis', he...

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