ISLAMABAD, JAN 16 (APP/DNA):Prime Minister Muhammad Shehbaz Sharif on Thursday directed to increase the youth loan amount from Rs0.5 million to Rs1.5 million under the PM’s Youth Programme for Small and Medium Enterprises (SMEs) and prepare a special package for women entrepreneurs in small scale business.
The PM chaired a review meeting on the issues of SMEs and reviewed the progress on the government’s initiatives for the development and facilitation of SMEs, a Prime Minister’s Office news release said.
PM Shehbaz Sharif underscored that the government was determined to facilitate SMEs to encourage the country’s workforce for opting entrepreneurship. “Globally, SMEs play a key role in the development of the economy.The first priority of the government is to promote SMEs so that domestic exports increase. The government is trying to empower youth and women entrepreneurs so much that they not only earn self-employment but also create more employment opportunities,” the Prime Minister said.
He issued directives to complete a detailed survey of SMEs across the country for providing improved facilities. “In order to harmonize the facilities given to SMEs with international standards, it should be ensured that the models of developed countries are applied,” he added.
During the meeting, it was informed that following the instructions of the Prime Minister, after taking all the stakeholders into confidence, the loan form for SMEs was made easier and simpler so that maximum SMEs could improve their business and benefit from the loan facility.
The forum was informed that the classification of SMEs was being done in such a way that all small and medium scale businesses could benefit from the government’s support and facilities and ensure that they were provided with loans on timely and easy terms.
It was also added that on the instructions of the Prime Minister, a new category would be introduced to facilitate the SMEs and housewives in SMEs, in which they would be given easy access to loans and government support for business improvement.
The meeting was briefed on the stats of SMEs in three major cities by the Pakistan Bureau Statistics and it was told that in the next few months, a survey would be conducted to plan the provision of better facilities to the SMEs in the entire country.
The meeting was also given a comprehensive briefing on the goals of the government plan to support SMEs and the period of their completion on the instructions of the Prime Minister. The meeting was told that SMEDA (SMEs Development Authority) would launch a financial literacy and training program for SMEs by February this year. Apart from this, the program would be finalized and released by the middle of this year to introduce SMEs to modern technology.
The meeting was also briefed about the goals of the comprehensive action plan for the increase in domestic exports with regard to SMEs and their deadlines. The meeting was also informed about the progress on the policy being formulated for the development of women entrepreneurs.
Federal Ministers Rana Tanveer Hussain, Ahad Khan Cheema, Minister of State Shaza Fatima Khawaja, State Bank Governor Jameel Ahmed, four provincial chief secretaries, representatives of SME sector and relevant senior officials participated in the meeting.
:Prime Minister Muhammad Shehbaz Sharif on Thursday directed to increase the youth loan amount from Rs0.5 million){kind=link}