KARACHI, Nov 16: Muttahida Qaumi Movement chief Altaf Hussain has said that his party would soon set up a microfinance bank to provide loans to youths to enable them to start their own business and earn a living.

Addressing on phone from London a large gathering in the North Nazimabad Gymkhana ground on Sunday, he said every citizen, particularly youths, would be able to get the loan.

The MQM chief advised educated youths not to wait for clerical jobs. Instead they should start their own business, even set up tea stalls, in order to earn more than what they would get from a government job.

“Nobody can take back your educational qualification. If you are doing a small business in your own locality, you can also work for security of your area.”

He also advised youths to join private security agencies, because by doing so they could contribute to the security of their localities. They should also try to join police and army, he said.Mr Hussain said that Karachi was infested with fully armed Taliban who had encircled all localities.The MQM chief regretted that the people of Karachi had everything for luxury but ignored their defence. “It is necessary for you to get arms’ licences for your security and acquire physical training to resist the illiterate and inhuman Taliban,” he added.

Although the MQM was not a party of feudal lords or capitalists, Mr Hussain said he would appeal to well-to-do people to donate generously for those who could not afford the fee for arms’ licences.

He maintained that the Muttahida did not want a clash with anyone, but it would never allow any group to intrude into any area of the city. “People of the city have rejected the gun- and stick-wielding Sharia and they will not allow the Taliban to enforce their own brand of Islam,” he declared.

He said that the system of local policing should be enforced.

Mr Hussain said that Pakistan was facing a severe economic crisis, besides many external and internal challenges.

He said the government was going to get a $7.6 billion loan from the International Monetary Fund and asked the critics of the decision to bring back their money from foreign countries so that the IMF option could be abandoned.

The MQM chief said he had requested the president and the prime minister to set up a national fund and the Muttahida would be the first party to donate Rs1 million.

He called upon expatriates to send remittances only through Pakistani banks.