ISLAMABAD: Prime Minister Shehbaz Sharif has announced a significant increase in the loan ceiling under the Prime Minister's Youth Business and Agriculture Loan Schemes, raising the maximum limit from Rs7.5 million to Rs25 million. The move aims to promote youth entrepreneurship and economic empowerment, with a specific emphasis on facilitating women's participation in business activities.
According to Union of Small and Medium Enterprises, during a review meeting on Sunday, Mr. Sharif also reduced the minimum eligibility age for applicants from 21 to 18 years and directed that 30 percent of the loans be reserved for women. He emphasized the government's commitment to empowering the nation's youth by harnessing their potential and creating employment opportunities. The directive includes providing financial assistance, professional guidance, and technical support to young entrepreneurs.
The meeting reviewed the ongoing implementation of the broader business and agriculture financing program, with Mr. Sharif instructing that the increased loan facilities be provided in easy installments. He also tasked the Small and Medium Enterprises Development Authority (Smeda) with assisting young applicants by offering support for business start-ups, guidance, consultancy, and technical services.
A briefing during the meeting revealed that since January 2023, over 581,000 young people have received loans totaling Rs313.9 billion, a tenfold increase compared to the previous decade. Additionally, Rs292 billion has been allocated for the 2026-27 fiscal year to provide loans to around 266,700 young individuals.
In a separate development, Mr. Sharif visited Jati Umra in Lahore to discuss the country's political and economic challenges with Pakistan Muslim League Nawaz (PMLN) President Nawaz Sharif. The meeting was attended by Deputy Prime Minister/Foreign Minister Senator Ishaq Dar and Punjab Chief Minister Maryam Nawaz Sharif, among others.
Furthermore, Prime Minister Sharif announced a year-long celebration program to commemorate the 149th birth anniversary of national poet Allama Muhammad Iqbal, beginning November 9, 2026. The program aims to preserve and transmit Iqbal's intellectual legacy through various cultural and educational activities.
Mr. Sharif also extended congratulations to Azerbaijani President Ilham Aliyev on the sixth anniversary of Azerbaijan's Victory Day and expressed condolences over a tragic shooting incident in Kraków, Poland.