BAFL 45.30 Increased By ▲ 0.25 (0.55%)
BIPL 20.30 Decreased By ▼ -0.21 (-1.02%)
BOP 5.43 Decreased By ▼ -0.21 (-3.72%)
CNERGY 4.57 Increased By ▲ 0.02 (0.44%)
DFML 15.80 Increased By ▲ 0.10 (0.64%)
DGKC 73.70 Increased By ▲ 2.49 (3.5%)
FABL 27.40 No Change ▼ 0.00 (0%)
FCCL 17.71 Increased By ▲ 0.56 (3.27%)
FFL 9.00 Increased By ▲ 0.45 (5.26%)
GGL 12.77 Increased By ▲ 0.10 (0.79%)
HBL 111.91 Decreased By ▼ -0.79 (-0.7%)
HUBC 122.50 Increased By ▲ 3.39 (2.85%)
HUMNL 7.50 Decreased By ▼ -0.10 (-1.32%)
KEL 3.26 Decreased By ▼ -0.01 (-0.31%)
LOTCHEM 27.80 Decreased By ▼ -0.05 (-0.18%)
MLCF 39.69 Increased By ▲ 0.61 (1.56%)
OGDC 108.70 Increased By ▲ 0.39 (0.36%)
PAEL 17.66 Decreased By ▼ -0.09 (-0.51%)
PIBTL 5.50 Decreased By ▼ -0.06 (-1.08%)
PIOC 107.10 Increased By ▲ 1.10 (1.04%)
PPL 93.12 Increased By ▲ 0.62 (0.67%)
PRL 25.07 Decreased By ▼ -0.27 (-1.07%)
SILK 1.03 Decreased By ▼ -0.04 (-3.74%)
SNGP 63.17 Decreased By ▼ -0.55 (-0.86%)
SSGC 11.88 Decreased By ▼ -0.12 (-1%)
TELE 8.40 Decreased By ▼ -0.06 (-0.71%)
TPLP 13.31 Decreased By ▼ -0.03 (-0.22%)
TRG 83.43 Decreased By ▼ -1.97 (-2.31%)
UNITY 26.25 Increased By ▲ 0.29 (1.12%)
WTL 1.53 Decreased By ▼ -0.01 (-0.65%)
BR100 6,199 Increased By 13.4 (0.22%)
BR30 21,575 Increased By 115.5 (0.54%)
KSE100 60,665 Increased By 162.8 (0.27%)
KSE30 20,253 Increased By 77.3 (0.38%)
Business & Finance

Pakistan wants to complete 9th IMF review without any delay: PM Shehbaz

  • Premier says government has conveyed to the IMF that Pakistan will incorporate all its prior conditions to completing the 9th review
Published January 24, 2023

Prime Minister Shehbaz Sharif said on Tuesday that Pakistan wants to complete the 9th review of the International Monetary Fund (IMF) programme “without any delay”.

Speaking at the launch ceremony of the ‘Prime Minister’s Youth Business and Agricultural Loan Scheme’, he said that “we have told the IMF that we are willing to complete the pending review and incorporate the conditions raised by it”.

His comments come as a stalemate between the government of Pakistan and IMF persists for the next tranche of the scheme at a time when foreign exchange reserves of the country have depleted to a critical level.

Meanwhile, elaborating on the loan scheme, the PM said that it will enable the youth to take loans of up to Rs7.5 million at a subsidised interest rate for a tenure of upto eight years.

“Borrowing of up to Rs500,000 will be free of interest and it can be paid back in three years,” he said. “People who take loans of Rs500,000 to Rs1.5 million will be charged 5% interest and they can pay it back in 7 years.”

He added that people borrowing Rs1.5 million to Rs7.5 million will pay 7% interest and the payback period is 8 years.

SBP fixes Rs30 bn target for PM’s Youth Loan Scheme

Speaking on the occasion, State Bank of Pakistan (SBP) Governor Jameel Ahmad said that the central bank has given a financing target of Rs30 billion to commercial banks and microfinance institutions for the ‘Prime Minister’s Youth Business and Agricultural Loan Scheme’.

He said 14,600 applications have been received under the programme for Rs17 billion worth of loans so far.

“SBP has given banks the facilities of mark-up subsidy and credit risk sharing for this scheme,” he said. “Under the initiative, the public can apply for interest-free loans of up to Rs500,000 without any collateral.”

According to the SBP governor, 15 banks and 5 microfinance banks and institutions are executors for the programme.

Boosting agriculture sector credit is among top priorities of the State Bank of Pakistan and the government, the central bank governor said.

“The SBP played a huge part in designing this programme and it is aimed at giving loans to youth in a transparent and easy manner,” he said.


Comments are closed.

TimeToMovveOn Jan 24, 2023 09:07pm
Your credibility is completely shot. You have been saying this for the last four months, and in the meantime, the indecision has led to closure of several industries. Will Pakistan ever learn?
thumb_up Recommended (0)
HashBrown® Jan 24, 2023 09:46pm
Just six weeks ago Ishaq Dar was bragging that he doesn't care whether the IMF team completes its review or not. Likewise, just yesterday Khurram Dastgir offered a 100% assurance that the power cut would be fixed by Monday night, and a day later work is ongoing. How much more proof do we need that these people are making everything up as they go along?
thumb_up Recommended (0)
bonce Jan 25, 2023 12:24am
F Punjabi since 1947 you peoples begging zakat donation and Fitra. I would like to say when you peoples stop begging money from others. . Now enough you peoples have a lot of property abroad suck the blood of poor peoples. Still stomach is empty please let me know. You peoples also standing in a food bank it is very insulting for the country.
thumb_up Recommended (0)
bonce Jan 25, 2023 12:37am
@HashBrown®, Since 1947 we are begging money from others this is in our blood. Our honest leaders living in London and peoples having no power water and all necessary of life. This is so called Islamic Republic of Pakistan. What happened in 1971 everyone know. They treated Bengali peoples very badly so they seprated from us. After loosing one part still we are suffering.
thumb_up Recommended (0)
HashBrown® Jan 25, 2023 01:05am
@TimeToMovveOn, "Will Pakistan ever learn?" What you need to ask yourself is how Pakistan can be struggling under so much debt and still be above Hindustan on the global hunger index. Perhaps you should focus your attention a little closer to home, what do you think?
thumb_up Recommended (0)
Taiq Jan 25, 2023 04:59am
Meet the conditions before they show up. Stop negotiating with yourselves
thumb_up Recommended (0)

Pakistan wants to complete 9th IMF review without any delay: PM Shehbaz

Intra-day update: rupee records marginal gain against US dollar

Open market: rupee strengthens against US dollar

Long wait for freedom: Afghan refugees in limbo in Pakistan

Israel and Hamas agree to extend temporary truce

Oil steady, market eyes OPEC+ meet, weighs weak demand indicators

FCCL commissions Greenfield Cement Manufacturing Plant in Punjab

Defaulters’ utility connections to be cut: FBR starts serving notices with 30-day compliance time

Operation of SRO about additional tax on banks’ windfall income suspended

FBR resolves Sino-Pak ‘trade gap’ issue

At the rate of Rs3.53/unit for Oct 2023: Nepra agrees to allow Discos to recover Rs32.7bn additional amount