Loan conditions eased by PM

It is heartening to note that the government has eased over difficult and complex conditions in relation to disbursements under Youth Business Loan Scheme.

“Neither me nor any authority in the National Bank of Pakistan can favour anyone to get loan under this scheme. Even I do not have such powers,” the Prime Minister reportedly said at the launching ceremony of the scheme in Hyderabad the other day.

While describing sifarish or favouritism as a social cancer, the Prime Minister rightly expressed government’s resolve to curb favouritism, vowing to introduce a culture of meritocracy at all costs. There is no denying that Nawaz Sharif wanted to launch this scheme during his previous tenure but it could not materialize because of Oct 12, 1999 coup.

The loan disbursement agencies are required to ensure transparency and merit so that this scheme leads to help boost the country’s GDP and support the families of borrowers as well as of those allied with their businesses.

The prime minister made an interesting disclosure that the recovery rate of Yellow Cab Scheme was almost 99 per cent. There is, therefore, no doubt that the youngsters would also be paying back their loans. After all, this programme has been launched for future leadership of the country.

KARACHI HAMID SHAFQAT