PM launches interest-free loan scheme

Updated Jun 26, 2014 07:02pm

ISLAMABAD: Prime Minister Nawaz Sharif on Thursday launched an interest-free loan scheme and said that the government would serve the nation without any discrimination, DawnNews reported.

Premier Sharif said Rs2.5bn would be spent annually on the government grants and in the next four years one million people would be able to avail the facility.

The Rs50,000 per person interest-free loan, with relaxed conditions, would form the backbone of the country's economic stability and will be offered indiscriminately to all the citizens of the country, the prime minister said.

The relaxed conditions mean that the loan applicant would not be required to present any guarantor or collateral to avail the loan scheme.

"We have to serve the whole nation regardless of whom they voted for, even those holding protests will be able to avail the loan facilities provided by the government," he added.

The prime minister further said that the loans would be provided to those people who have not taken any bank loans in the past and 50 per cent of the recipients would be women.

Talking about the role of women, Sharif said, "We want women to develop and also contribute to the development of society".

He also said that in the government had allocated a 10 per cent quota for women in the loans being provided to citizens under different development schemes announced by the government last year.

Prime Minister Sharif also said that the establishment of the Dasu hydel project would be Pakistan's largest power production facility generating up to 4,300 negawatts of electricity.

He added that the 4,500 megawatts Bhasha dam would also be constructed which would help eradicate darkness from the country.

— Irfan Haider contributed to the reporting of this story


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Comments (33) (Closed)


Sid
Jun 26, 2014 05:30pm

loans loans and loans.. if onlyyyyyyy this GUY knew about setting up industries and CREATING JOBS rather than plunging ppl in debts! :S what a visionary PM we have.. GOD! PLLLZZ HELP US!

RABIA
Jun 26, 2014 05:39pm

'Offered indiscriminately'? Really? That ought to make for a rather insecure scheme! I think you need to check the difference between offering something indiscriminately and without bias.

Stark
Jun 26, 2014 05:40pm

Weel done! keep going Mian sb..don't care critics..

Farhan
Jun 26, 2014 05:54pm

@Sid Why businesses take loans? Do you have any idea why industries as well as small businessmen/shopkeepers/farmers need loans?

Anarchist
Jun 26, 2014 06:00pm

This time Hamza will be in charge since Marryam is so exhausted after doing a wonderful job in the last scheme.

Malikpur - Janderbari Abbottabad
Jun 26, 2014 06:34pm

@Sid : Gentleman if you have any idea of developed world they also empowered their people with loans to initiate new businesses and entrepreneurships and now they are century ahead. If govt is doing something better don't be hypocrate praise them, they are doing political mistakes but their efforts for rehabilitation of economy no doubt excellent..... we are confident they will change the fate of country.

Syed (Australia)
Jun 26, 2014 06:55pm

Please feel the sufferings of the IDPs due to the ongoing war in tribal area. I will request the PM to divert all this loan facilities to the IDPs so that they can have some respectable living while this war is going on.

weq
Jun 26, 2014 06:55pm

Why diesel generators a part of Loan speech

Riaz
Jun 26, 2014 07:02pm

Don't worry all - this loan scheme will only be accessible by the riches of Pakistan including influential political families, where tax-payers money will be loaned to them interest free, and our poor tax-payers, and other poor category people will not be able to access these loans to uplift themselves and their families.

Ali
Jun 26, 2014 07:04pm

Assuming 100 million are eligible for the loan then it would require 5,000,000,000,000 rupees in total to serve indiscriminately.

AJamal
Jun 26, 2014 07:37pm

Loan will be given to those who have never taken a loan in the past.

Dr. Salaria, Aamir Ahmad
Jun 26, 2014 08:33pm

Only time will tell if this scheme will bear any tangible results and if its fate will be different than the ones in the past?

Aamir
Jun 26, 2014 09:01pm

50,000 Rupees loan will uplift the poor from poverty?... can only happen in Pakistan.

Hamid Ali Tabatabai
Jun 26, 2014 09:02pm

Pakistanis and their dream of free money.

Ahmer
Jun 26, 2014 10:08pm

What was the name of the ruler who was fiddling when Rome was burning? Nero or Nawaz?

Mian Sahib, please get your priorities right for the sake of Pakistan.

Ahmad Zahir Khan
Jun 26, 2014 10:41pm

If opposition keep pressure on Govt it is very likelihood that they may do some good things ,but opposition also bring Govt to books on bribe like appointments and speak in assembly in strong terms ,asking there foreign assets is another big question nation is waiting to be brought forward instead of keeping it in back burner.

sfoman
Jun 26, 2014 11:10pm

its for his friends and family and supporters only. No one else will get it.

jalal
Jun 26, 2014 11:12pm

Best PM Ever.

sid
Jun 26, 2014 11:29pm

@Malikpur - Janderbari Abbottabad Sir, I respect your views and I do understand why loans are needed! no questioning that! but keeping in view what we are going through these days! what kind of business is secure here? First, environment for business development should be there! once we have an environment, all these things will make more sense!

nak
Jun 26, 2014 11:42pm

This guys has no long term vision. These tactics are only done to fool people in thinking PML-N is doing something good for them but anyone with 2bit of common sense and sense of economic will know if your country is on the verge of defaulting, with rapid inflation no amount of loans will help.

Haider
Jun 26, 2014 11:46pm

Creating beggars is not the solution.

Parvez
Jun 26, 2014 11:57pm

This is what one does.....when one lacks vision.

ali ahmed
Jun 27, 2014 01:19am

it seem priority of MNS to create more loan defaulters like himself..

Immigrant
Jun 27, 2014 02:00am

@Malikpur - Janderbari Abbottabad ..Correct ..but thats what we have the banks for .... I have never heard of any country whose govt. offer loans .... this is not the job of govt.to offer loans .... plz do the job you are elected for ... you are law makers not the bankers !!!

Munz
Jun 27, 2014 03:04am

Finally a good step! All developed countries go this route...but lets also keep in mind the corrupt dogs in the Pakistani bureaucracy who favor their own!

saf
Jun 27, 2014 03:48am

Many people on here won't remember or were too young at the time but the way Nawaz brought the country to it's knees and on verge of bankruptcy in 1999 was because of all the loans state banks were writing off which were loaned out to his cronies. He will never change.

Mohammad Kumbo
Jun 27, 2014 04:31am

This is full and final payment for those who cast their vote to elect their fearless leader.

Michael Desouza
Jun 27, 2014 11:06am

PM please come to your senses. It appears, once again you are distributing loans with no requirement of basic minimum eligibility criteria i.e. either education based, experience based, skills based etc. Even the most experienced businessmen face losses at some point in time. is this some kind of bribe to hold on to your vote bank??

Abu-Salmaan
Jun 28, 2014 12:00pm

This is a clear political bribe, under these foolish conditions only a fool will pay back the loan and anyone who came with this idea shows his intentions behind this loan. This adds another idiotic decisions to the list of Foolish Decisions made by this government.

Just Someone
Jun 29, 2014 04:02am

Small business do need loans on easy terms to flourish. The vision of the government seems to be to create self employment, but this type of loan offering, without any collateral or guarantor and without any set targets is very risky. Some people will invest it wisely. But many will just take, spend it and not repay or not be able to repay. How will such a situations be tackled. And considering the sheer number of people, recovery would be a nightmare. And what about the administrative costs involved in giving out such loans and receiving regular payments against them.

khanm
Jun 29, 2014 03:41pm

PM launches interest-free loan scheme,,,, is it going to be from his personal finance or is it going to be from his personal bank... I think banks are autonomous... they decide who to give and who not to give. A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.

ns
Jun 30, 2014 03:19am

Have you been sleep-walking again Mr. Sharif ?

Saifullah
Jun 30, 2014 02:37pm

Is there any procedure available for the loan. Or is there any form available to be downloaded.