Pakistan Prime Minister Shehbaz Sharif has ordered an increase in the loan amount under the youth program from Rs 500,000 to 1.5 million.
A review meeting on small and medium enterprises was held today in Islamabad, chaired by Prime Minister Shehbaz Sharif, during which the Prime Minister directed that a detailed survey be completed soon for ease of doing business .
During the meeting, the Prime Minister highlighted the alignment of facilities provided to small and medium enterprises with international standards by implementing models from developed countries.
He also directed that a special program for women entrepreneurs in small businesses be prepared and presented soon.
The Prime Minister stressed that small and medium-sized enterprises (SMEs) are essential to global economic development. The government is committed to encouraging SMEs to promote entrepreneurship among Pakistan’s workforce.
Shehbaz Sharif highlighted that the government is working to empower youth and women entrepreneurs to create self-employment and generate more employment opportunities.
In light of the Prime Minister’s specific directives, the meeting was informed of progress regarding government actions in supporting and developing SMEs.
It was shared that in line with the Prime Minister’s directive, after taking all stakeholders into confidence, the SME loan application process has been simplified to ensure that more businesses can benefit loan facilities to improve their operations.
Furthermore, SMEs are categorized to ensure that small and medium-sized enterprises can make full use of government support and facilities and have quick and easy access to loans on simplified terms.
The meeting was further informed that under the leadership of the Prime Minister, a new category will be introduced for very small businesses and women home-based entrepreneurs, making it easier to obtain loans and obtain government assistance for improve their business.
The Pakistan Bureau of Statistics provided updates on SME indicators of three major cities and shared its plans for a national survey to improve SME facilities across the country in the coming months.
A comprehensive information session was given on the government’s action plan to support SMEs and its timeline. It was said that SMEDA would launch financial education and training programs for SMEs by February this year. Additionally, a program to introduce modern technologies to SMEs will be finalized and launched by mid-2025.
Federal Ministers Rana Tanveer Hussain and Ahmed Khan Cheema, State Minister Sheza Fatima Khawaja, State Bank Governor Jameel Ahmed, Chief Secretaries of the four provinces, representatives of the SME sector and relevant senior officials attended the meeting.
Earlier, Prime Minister Shehbaz hailed the drastic reduction of Rs 30 per unit in electricity tariff for electric vehicles as an auspicious step for the sector to promote emission-free and eco-friendly vehicles in the country .
The Prime Minister, chairing a meeting to discuss the promotion of electric vehicle policy, appreciated the Minister of Energy, Awais Ahmed Leghari, and his team for putting together a compelling proposal to facilitate the deployment by manufacturers of electric automobile vehicles with subsidized charging in the country.
“They (the power minister and his team) have reduced the tariffs in this sector significantly, from Rs 70 to Rs 40 per unit. This will encourage investors and industry partners to invest more in the electric vehicle sector,” he said.
Yesterday, the Prime Minister welcomed the World Bank’s commitment of $20 billion under its first-ever 10-year Country Partnership Framework (CPF) for Pakistan.
The Prime Minister, in a social media post on his X timeline, said while focusing on six key areas including child nutrition, quality education, clean energy, climate resilience, inclusive development and private investment, the CPF reflected Pakistan’s national priorities, as envisaged in its local economic transformation plan.