Although well-known Pakistani politician Maryam Nawaz Sharif has been linked to some projects, she has not personally started or overseen any particular “Qarza scheme” (loan scheme). Her father, the former prime minister Nawaz Sharif, has nevertheless been involved in the introduction of many economic and welfare initiatives, such as loan programs meant to assist small enterprises and empower young people.
Context:
Many economic projects were introduced under the auspices of the Pakistan Muslim League (Nawaz), or PML-N, while Nawaz Sharif was prime minister. These programs were created to give young people, women, and small business owners financial support so they could launch their ventures and generate jobs.
One of the most prominent programs was the Prime Minister’s Youth Business Loan Scheme, which was designed to help educated youth who lacked the financial resources to pursue their entrepreneurial dreams by offering interest-free or low-interest loans to young entrepreneurs to assist them in starting their businesses.
Features of the Loan Scheme:
- Target Group: Young people, especially those between the ages of 21 and 45, who have a viable business plan but lack the capital to start or expand their business.
- Loan Amount: The scheme allowed individuals to apply for loans ranging from PKR 100,000 to PKR 2 million.
- Interest Rate: The loans were provided at a subsidized interest rate, making it more affordable for young entrepreneurs to repay.
- Repayment Tenure: The loan repayment period typically ranges from 8 to 10 years, with a grace period of one year to allow businesses to stabilize before repayments begin.
- Eligibility: Applicants needed a viable business plan and meet the age and educational requirements to qualify for the loans.
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What Maryam Nawaz Sharif Does:
The initiative was part of the PML-N’s bigger economic plan, even though Maryam Nawaz oversaw it in part. However, she frequently supported and encouraged such projects, arguing for youth empowerment and the significance of giving financial resources to the younger generation as a well-known member of the Sharif family with a significant role in the party.
Effects and Difficulties:
The plan received conflicting responses. It encountered difficulties with loan recovery. The sustainability of financed firms, and the selection process, also gave many young entrepreneurs the chance to launch their ventures. According to critics, the program required enhanced supervision and administration to guarantee that the money was spent wisely and reached those who needed it most.
Present Situation:
The state of the program may have changed by now, and other governments may have launched programs akin to this one. For up-to-date information on any active loan programs in Pakistan, it is important to consult banking institutions or government agencies.
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