Prime Minister Muhammad Nawaz Sharif chaired a meeting on Prime Minister Youth Program (PMYP) at PM House today.
The Prime Minister was briefed about the processing of cases submitted by National Bank of Pakistan under Prime Minister Youth Business Loan.
The Prime Minister expressed his annoyance at the slow pace of processing of cases sanctioned by NBP under PMYBL, and instructed the President National Bank of Pakistan to immediately issue sanction letters to all those applicants who have completed all necessary formalities and are willing for a ballot within eight weeks.
The Prime Minister said that since applications received are within the NFC award quota, there is no need of any balloting for the time being.
The Prime Minister instructed the President National Bank of Pakistan to ensure release of all funds to the applicants who have already been declared successful in early balloting.
In order to make the loan under this scheme more affordable, the Prime Minister also announced reduction in mark-up rate under the scheme from 8% to 6% with effect from 1st July 2015. This reduction would also be applicable on those loans which have already been availed under this scheme.
The meeting was also attended by Federal Minister for Finance, Mr. Muhammad Ishaq Dar; Chairperson Prime Minister Youth Program, Ms Leila Khan and Governor State Bank of Pakistan Mr. Ashraf Wathra.