ISLAMABAD: Prime Minister Nawaz Sharif has said that the new budget will not spur inflation but will rather boost investment, promote development and ease people’s hardship.

Addressing the second balloting ceremony of the PM’s Youth Business Loan Scheme at the Convention Centre on Wednesday, he said: “I congratulate Finance Minister Ishaq Dar on making and presenting such a good budget.”

He said by and large the country had achieved all the economic targets during the outgoing financial year with 16.4 per cent growth in revenue collection in 11 months against 3pc of last year’s.

He pointed out that those who said that 10pc glass was empty did not highlight the fact that 90pc glass was full.

The prime minister said after taking oath of office on June 5 last year his government had to immediately focus on preparation of the budget.

Mr Sharif said he had conceived the idea of youth business loan scheme during the 1990s, but he could not implement it due to economic problems and sanctions faced by the country in the wake of 1998 nuclear tests.

“The rich get loans easily, but the poor seeking credit are not even allowed to enter the banks,” he remarked.

The prime minister said the axis of his thoughts was the poor who were always worried about their night’s meal, shelter, wedding of daughters or sisters and medical needs, etc.

“There are so many people, who want to engage themselves in any small business like livestock farming and agriculture, but they do not have resources.”

Mr Sharif referred to the Livestock Insurance Scheme announced by the finance minister in his budget speech under which premium would be paid by the government. Due to this scheme, the capital of those investing in livestock farming would be protected in case of any casualty, he said.

He said the Business Loan Scheme would enable thousands of youths to attain financial independence. The scheme was totally transparent and based on merit, he added.

He said the government was providing equal opportunities to women in all sectors. Therefore, all schemes of PM’s Youth Programme contained 50pc quota for women.

Finance Minister Ishaq Dar, Chairperson of the PM’s Youth Loan Scheme Maryam Nawaz, Governor of the State Bank Ashraf Mahmood Wathra and National Bank of Pakistan President Iqbal Ashraf were present on the occasion.

Published in Dawn, June 5th, 2014