Federal cabinet approves 'Kamyab Jawan Program'

ISLAMABAD: The federal cabinet with Prime Minister Imran Khan in the chair approved on Tuesday an ambitious programme titled ‘Kamyab Jawan’ to empower the youth economically.

Speaking at a press briefing, the Prime Minister’s Special Assistant on Information and Broadcasting Dr Firdous Ashiq Awan explained that under the programme,  the youth will be able to secure a loan ranging between Rs100,000 and Rs5 millions.

She said the programme has divided into two categories, adding under the first category banks will provide a loan up to Rs500,000 at six per cent mark up with lending equity of 10 per cent of the amount applied.

Under the second category, an applicant can get a loan up to Rs5 million at a mark up of eight per cent and equity ratio of 20 per cent, she added.

Dr Awan said 25 percent of the loans will be granted to women under the scheme.

She said Minister for Federal Education and Professional Training gave a detailed and comprehensive briefing on a new education policy during the cabinet meeting.

She said the policy will be developed as per the mandate of the federal government and necessary assistance and facilitation will be provided to provinces for its implementation.

Dr Awan said the cabinet also pondered over the rupee depreciation and its impact on inflation. The cabinet was informed that Prime Minister’s Advisor on Finance Dr Abdul Hafeez Shaikh will unveil a long term economic plan on Saturday.

She said the cabinet also approved the decisions taken during the last meeting of the Economic Coordination Committee.