Prime Minister Shehbaz Sharif on Thursday directed authorities to increase the loan amount under the Prime Minister’s Youth Programme (PMYP) for small-scale businesses from Rs500,000 to Rs1.5 million.
According to a statement released by the Prime Minister’s Office (PMO), the PM’s directives came during a review meeting on matters related to Small and Medium Enterprises (SMEs).
“SMEs hold critical importance in the economic development of nations worldwide,” PM Shehbaz said.
He reiterated that the government’s top priority is the promotion of SMEs to boost the country’s exports.
The prime minister also stressed the swift formulation of a special package for female entrepreneurs involved in small-scale businesses.
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During the meeting, it was learnt that loan application forms for SMEs had been simplified after consultation with all stakeholders, enabling a larger number of SMEs to benefit from government-supported loans for business growth.
The meeting was informed about the classification of SMEs to ensure that all small and medium-scale enterprises receive maximum government assistance and timely loans under easy terms.
“A new category would also be introduced for very small-scale businesses and home-based women entrepreneurs, aimed at simplifying loan access and improving business support,” read the statement.
During the review meeting, the Pakistan Bureau of Statistics (PBS) shared indicators on SMEs from three major cities. It informed attendees that a nationwide survey would be conducted in the coming months to plan better facilities for SMEs.
The prime minister instructed authorities to swiftly complete the detailed survey across the country to facilitate SMEs effectively.
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The meeting also discussed a strategy to enhance national exports through SMEs and reviewed progress on the development policy to support women entrepreneurs.
Federal Ministers Rana Tanveer Hussain and Ahsan Iqbal, Minister of State Shaza Fatima Khawaja, Governor of the State Bank of Pakistan (sbp) Jameel Ahmad, chief secretaries from all four provinces, SME sector representatives, and senior officials attended the meeting.
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