Punjab raises employment scheme loan ceiling to Rs20m.
The decision will hopefully stimulate economic activity and lead to an increase in jobs.
The provincial government of Punjab has made the decision to raise the maximum amount of money that can be borrowed through its subsidized loans as part of the Punjab Employment Scheme from 10 million rupees to 20 million rupees. This move is being made in an effort to encourage more economic activity and to boost the number of jobs available in the province.
On Friday, a meeting of the Ministerial Steering Committee of the Punjab Employment Scheme took place in the Finance Department. There, a decision was reached about the matter. The meeting was presided over by the Punjab Finance Minister, Mohsin Leghari. Other attendees included the Special Secretary of Finance Muhammad Ali Randhawa, the Secretary of Industries Sohail Ashraf, the managing director of the Punjab Small Industries Corporation (SIC), and representatives from the Bank of Punjab. Additionally, the President of the Bank of Punjab, Zafar Masood, participated in the meeting via a zoom link.
Borrowers will be able to return their loans over a period of time ranging from five to eight years thanks to an extension of the loan repayment period that the government has made possible through the programme. These loans, which have a low markup and are subsidised, have been created with the intention of easing the difficulties that the average person must endure and giving them with work opportunities.
The managing director of Punjab SIC stated, during a comprehensive briefing on the success of the Punjab Employment Scheme, that “2944 loans with a total value of Rs2961.55 million have been given under the scheme.” The city of Rahim Yar Khan is home to the greatest number of people who have benefited from the scheme. People living in Bahawalpur, Lahore, Multan, and Muzaffargarh are also among those who have benefited from the scheme.
