ISLAMABAD: The much awaited government's flagship "Kamyab Pakistan Programme" is finally being launched by the Prime Minister, Imran Khan, today (Monday) following completion of the modalities and preparation by the Finance Ministry. Finance Ministry said on Sunday that all the preparations to launce the Kamyab Pakistan Program have been completed which is a unique of its kind because it has been designed to provide Rs 1.4 trillion loans to 3.7 million households.
Finance Minister Shaukat Tarin said that the Kamyab Pakistan program would play a key role in alleviating poverty in the country and change the lives of disadvantaged sections of society by empowering them financially. This is the first program of its kind in Pakistan to connect banks and low-income groups through microfinance institutions and is a practical expression of the state's sense of responsibility towards the poor and vulnerable, the finance minister added.
He further stated that there are five components of Kamyab Pakistan program: (i) interest free loans to be provided to farmers through Kamyab Pakistan Programe (ii) up to 500,000 interest free loans would be provided for businesses under the Kamyab business program ;(iii) easy instalment financing would be made available for low cost housing scheme so that he people could construct their own house; (iv) ongoing Skilled Based Scholarship Scheme and (v) Health Insaaf cards would also be linked to the Kamyab Pakistan Program.
PM praised for pursuing his vision to transform country into welfare state
On September 17, a meeting of Joint Steering Committee and Advisory Board of Kamyab Pakistan Program (KPP) presided over by finance ministry has finalized broad contours of the revised Kaymab Pakistan Programme and size of the programme for the ongoing fiscal year was scaled down to the half of what was organically envisaged and that the government would be implemented on equal cost sharing basis besides selecting the wholesale lenders (banks) for the programme through a bidding process.
The meeting said to have decided that the government would extend 50 percent guarantee to the wholesale lenders (bank) instead of 100 percent guarantee. The size of the programme was said to scaled down to Rs155 billion from Rs315billion. The selection of the banks would be done through bidding process and the portal would be integrated with Ehsaas data and the Nadra for verification of beneficiaries' eligibility to facilitate the executing agencies (microfinance providers) for finalising the financing modalities in a most efficient and seamless manner.