Islamabad: Prime Minister Shehbaz Sharif has directed authorities to increase the loan limit under the Prime Minister’s Youth Programme (PMYP) for small-scale businesses from Rs500,000 to Rs1.5 million. The decision, aimed at empowering young entrepreneurs and boosting the economy, was announced during a review meeting on Small and Medium Enterprises (SMEs).
The Prime Minister emphasized the critical role of SMEs in driving economic development globally and reiterated the government’s commitment to promoting this sector to enhance exports.
The meeting was informed that loan application forms for SMEs have been simplified after consultation with stakeholders, enabling more businesses to access government-supported financing. To ensure fair distribution of resources, SMEs will be categorized to prioritize timely loans under easy terms.
The Prime Minister stressed the need for a special package for women entrepreneurs, particularly those managing small-scale or home-based businesses. A new loan category will be introduced to simplify access for these entrepreneurs and bolster their contributions to the economy.
The Pakistan Bureau of Statistics (PBS) presented SME indicators from three major cities and announced plans for a nationwide survey. The survey aims to identify the needs of SMEs and guide future policies. PM Shehbaz instructed authorities to expedite the survey to enhance facilities and streamline support for businesses.
During the meeting, strategies to increase exports through SMEs and policies to address unemployment were also discussed. Federal Ministers Rana Tanveer Hussain and Ahsan Iqbal, State Minister Shaza Fatima Khawaja, State Bank Governor Jameel Ahmad, chief secretaries from all provinces, SME representatives, and senior officials were in attendance.
The government’s initiatives under the PMYP reflect its dedication to fostering entrepreneurship, empowering youth, and driving economic growth in Pakistan.
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