Prime Minister Nawaz Sharif has expressed the resolve of the government to weed out culture of nepotism for good and introduce merit-based system in the country.
Speaking at a function held here in connection with Prime Minister's Youth Business Loans Friday, the Prime Minister 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.
Nawaz 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 to applicants purely on merit and even the Prime Minister has no discretion in the grant of loans.
The prime minister further said banks too have no discretion and they will have to pen down reasons while accepting or rejecting applications for loans.
He said positive results of Business Loans will start coming out after one year. He said economic activities generated through these loans will help increase GDP growth and exports of the country.
The Prime Minister 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.
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.
Prime Minister said that previously the loans were given only to big personalities & entities and the small loan borrowers were neglected. We have decided to award loans to small borrowers in order to give benefit to the skilled youth and lower strata of the society. This will not only benefit the small borrowers but their families and people who will get employed in these projects. The number of the beneficiaries will run into hundreds of thousands, PM added. Prime Minister said that this is a programme launched for the youth who are the builders of Pakistan.
The Prime Minister said 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.
The Prime Minister 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.
Speaking about infrastructure projects in Sind, the Prime Minister said that we have a comprehensive plan to build road network in Hyderabad and Karachi, adding that the Japanese Government has shown interest in Karachi Circular Railway Project and the project would be initiated soon.
Later, the Prime Minister met the applicants and inquired from each of them about their plans after getting the loan. The applicants were enthusiastic to find Prime Minister amongst them and said that the loan scheme would help them to utilize their skills not only for the benefit of their own selves but their families and society at large too.
The Prime Minister distributed cheques of loans among forty applicants, mostly the women.
President National Bank of Pakistan Munir Kamal briefed the Prime Minister on the Youth Business Loans.
Federal Minister for Information, Broadcasting and National Heritage Senator Pervaiz Rashid and Chief Minister Sindh Mr. Qaim Ali Shah and other senior government officials were also present at the occasion.
Earlier upon his arrival Prime Minister was received by Chief Minister Sindh Mr. Qaim Ali Shah.