Tarin announces financial support for 4 million households under Kamyab Pakistan
ISLAMABAD: Federal Minister of Finance and Revenue Shaukat Tarin said on Thursday that four million households would receive financial assistance initially under the Kamyab Pakistan program and that number would be expanded to six million and then to seven million households. .
Addressing an interest-free loan disbursement ceremony under the Kamyab Pakistan program, Tarin said the current government has laid the groundwork for a welfare state to ensure that the disadvantaged segment of the country does not suffer. not and have opportunities available to earn a respectable living for themselves.
âThe foundations of a welfare state have been laid. It is a great day for the poor, âsaid the Federal Minister, adding that through this program the low income segment of society will become prosperous.
Tarin said the country’s poor had always dreamed of food, clothing and shelter and were forced to believe that a spillover effect from a growing economy would impact them as well. However, the minister lamented that even after 74 years of founding Pakistan, this has not happened.
He said the prime minister advocated for the Kamyab Pakistan program, so that the disadvantaged segment have the opportunity to earn a respectable living without their self-esteem being hurt.
The finance minister said that under the Kamyab Pakistan program, the big banks would lend to microfinance banks, which in turn would provide loans to deserving people on a retail basis.
Under the program, he added, farmers would benefit from interest-free loans of up to Rs 150,000 for one crop and Rs 300,000 for two crops and Rs 200,000 for tractors.
Likewise, households will benefit from loans of up to Rs 500,000 for starting a business and Rs 2 to 2.5 million for building a house.
He added that loans were granted only on merit and in full transparency.
He also appreciated all stakeholders large and small for making the Kamyab Pakistan program a success in a short period of time.
Meanwhile, speaking on the occasion, Akhuwat Islamic Microfinance (AIM) Founder and Chairman Dr Amjad Saqib said that no other program in Asia offers interest-free loans to low-income people.
He said that following Prime Minister Imran Khan’s vision, AIM has started disbursing loans in three categories of Kamyab Pakistan program including Kamyab Pakistan Low-Cost Housing, Kamyab Pakistan Enterprise Loan and Kamyab Pakistan Kissan Loan.
He said that Akhuwat Islamic Microfinance has so far disbursed 2,600 loans amounting to Rs 400 million.
Senator Faisal Javed Khan and HBL Islamic leader Afaq Ahmed Khan were also present at the ceremony.
During the ceremony, AIM disbursed 415 loans worth 60 million rupees while under the program, 600 loans worth 90 million rupees were distributed across Pakistan on 30 December 2021.