ISLAMABAD - The PM’s Youth Loan Scheme is the vision of our government to transform microfinance into a dynamic industry, integrated with the overall financial system, catering to the underserved economic and geographic segments through self-sustaining business models and demand-driven products, while maintaining high standards of governance, said Maryam Nawaz, Chairperson, PM’s Youth Loan Scheme, while chairing a meeting of Regional Heads of NBP from six regions here on Tuesday.
The meeting was convened as part of a series of review meetings regarding the progress update as well as the bottlenecks concerning the PM’s Youth Loan Scheme’s implementation.
Representatives from different regions apprised the Chairperson about the ground realities prevailing in their respective area concerning the various issues like awareness level of the end beneficiaries of the scheme, time lag, problems faced by the applicants, information sharing and its verification, types of business the indigenous population of every region was interested in etc.
The Chair showed concern over working out the possibility of helping the loan applicants regarding the Pre Feasibility Studies’ subjective modification and according to the indigenous requirement.
She was of the view that it was in the best interest of the nation state to utilize optimally the un-tapped potential of growth & investment of country and to stimulate this growth on sustainable basis which was only possible through the economic empowerment of the masses.
“Without government’s facilitation in developing institutions that aid economic growth and social development – improvements in education, economic activity and public health cannot really take place” said the Chairperson.
The PM Youth Business Loan Program is fast gaining popularity among all target groups of the program as reported by the participating government entities i.e. NBP, SMEDA and FWB. Microfinance in Pakistan has yet to make major breakthroughs to reach millions of underserved people. However, with considerable support from the Government in the form of PM’s Youth loan Scheme the untapped huge potential in this sector can be utilized to a great extent.