Prime Minister’s Interest Free Loan Scheme (PMIFLS) under the umbrella of Prime Minister’s Youth Programme will be officially rolled out tomorrow (26thJune, 2014) across the country.
Prime Minister Mr. Mohammad Nawaz Sharif will launch the maiden Interest Free Loan Scheme at Islamabad. This was stated in a meeting presided over by the Chairperson, Prime Minister’s Youth Programme, Mohtarma Maryam Nawaz Sharif, here today.
Chairperson further said that out of the total budgeted allocation of Rs.3.5 billion for FY 2013-14, the first ever interest free loans of 3.9 million rupees will be distributed among the 175 deserving beneficiaries of district Haripur, KPK.
She maintained that under the scheme, 200,000 interest free loans upto Rs. 50,000 would be provided to sponsor productive micro-enterprise activities by the poor in rural and urban areas of Pakistan and added that households with a score of up to 40 on the Poverty Score Card (PSC) having a viable business idea or opportunity but little or no access to banks and microcredit institutions are the target beneficiaries of the scheme.
The Chairperson said that 50% of the loans will be disbursed to women and maintained that the scheme will cover 200,000 people in the first year and subsequently 1,000,000 people in 4 years in all districts across the federation with low socio-economic indicators, high food insecurity, limited or non-existence of micro-finance institutions and concurrent investments or activities in livelihoods, employment or enterprise development.
Appraising the Chairperson, officials of the Pakistan Poverty Alleviation Fund informed that initially 63 districts have been prioritized as per this criteria and the loans will be disbursed as per NFC formula. 250 Loan Centers and Karobar Rehnumai Markaz (KRM) or Business Advisory Centers to provide enterprise and technical support have been established all over the country for the effective execution of the scheme, it was appraised.
“Launching of interest free loans scheme would usher in a new era of socio-economic development of the country, which is the top priority of the PML-N government”, remarked Mohtarma Maryam Nawaz Sharif and added that the “Prime Minister accords top priority to the under-privileged segments of society as his government is making strenuous efforts for their uplift”.
She maintained that the Prime Minister’s Interest Free Loan Scheme is a unique opportunity for the poor people especially women to improve their socio-economic condition and to play their role in the overall development of the country