Nawaz unveils six schemes for the youth
ISLAMABAD, Sept 21: Prime Minister Nawaz Sharif announced on Saturday six youth-specific schemes worth Rs20 billion.
In an address to the nation, he said: “Time has come to fulfil promises which I made during the election campaign for the welfare and development of the youth.”
The federal government has already earmarked Rs20bn for the youth programme in its budget for 2013-14.
In sharp contrast to his last address to the nation on August 19 when he looked sombre and talked about grave issues like terrorism and economic meltdown, a beaming Nawaz Sharif outlined salient features of the programme, saying that it would cover the four provinces as well as Azad Kashmir and Gilgit-Baltistan.
The programme will benefit both educated and unskilled youths in urban and rural areas across the country, unlike the previous government’s Benazir Income Support Programme which catered only for the poorest of the poor.
Throughout his speech, the prime minister bemoaned that “bad governance of previous governments” had ruined public sector organisations, causing a loss of Rs500bn to the exchequer annually.
Mr Sharif said one of the reasons behind weakening of state institutions was overstaffing due to nepotism and political appointments. “Institutions like PIA, Steel Mills and Railways are just a few examples of nepotism, favouritism and financial mismanagement,” he said.
The prime minister said the staggering amount of Rs500bn, if saved, could be utilised on financial initiatives that could bring about a revolution in the lives of lower classes and youngsters. The main idea behind these initiatives, he added, was to provide financial opportunities for making these segments self-reliant.
“Job opportunities in the public sector are declining the world over. Pakistan’s case is no different,” he said.
A critic of the PML-N government had an interesting take on the speech. “The prime minister has tried to build up a case for privatisation of state institutions.”
The government has already announced privatisation of 26 per cent shares of the Pakistan International Airlines, along with its management, by the end of the next financial year. It is also weighing the pros and cons of privatising the Steel Mills.
A snapshot of the six schemes unveiled by Nawaz Sharif, which he held up as a “milestone for my government”, follows:
Rs3bn allocated to provide small interest-free loans to weak segments of society. It will benefit 250,000 people.
Educated youngsters who wish to start their own business will get small business loans. Fifty per cent of the loans will be provided to women. Loans ranging from Rs500,000 to Rs2 million will be given with a discounted interest rate of eight per cent. The rest will be paid by the government.
Initially, these loans will be provided through the National Bank of Pakistan and the First Women Bank. The government has decided to spend Rs5bn under this scheme.
Students who have completed 16 years of education but are unemployed will be provided on the job training to help them compete in the job market both in the country and abroad. A monthly stipend of Rs10,000 will be given to them for a training period of six months. It is projected that 50,000 graduates will benefit from the scheme, which will cost Rs4bn.
Jobless youngsters (male and female) up to 25 years of age, who have gained middle level education (8th Grade), will be provided vocational training under the youth skill development scheme worth Rs800m. They will be given a stipend of Rs3,000 to Rs5,000 for six months.
The government will bear the fee of students from far-flung areas who want to acquire higher education. The scheme will cost Rs1.2bn and benefit 30,000 students.
The government will spend Rs4bn to provide latest laptops to 100,000 students.