ISLAMABAD: Federal Minister for Finance Ishaq Dar on Friday said Rs 20 billion was allocated in the budget 2015-16 for Prime Minister’s Special Schemes.
The minister, in his budget speech, said the allocation was made for PM Youth Business Loan Scheme, PM Youth Skills Development Scheme, PM Interest Free Loans Scheme, PM Fee Reimbursement Scheme for Less Developed Areas, PM Youth Training Scheme and PM Scheme for Provision of Laptops.
PM Youth Business Loan Scheme was initiated to provide loans to the unemployed youth enabling them to start some business. So far, 15,000 loans have been approved under the scheme, while 20,000 applications were under process.
PM Youth Skills Development Scheme has provided employment opportunity to 20,000 youth after giving them technical and vocational training while training of 25,000 more youth was underway.
During the year 2015-16, the programme would be extended to Madaris, young prisoners and terror-hit people.
PM Interest Free Loans Scheme provides small loans to the people who have below 40 Poverty Score Card and do not have access to banks or other departments for small loans.
During the year 2014-15, Rs 1.75 billion was released under this scheme. So far, the scheme has benefitted 44,000 people and its recovery rate is 100 percent.
PM Fee Reimbursement Scheme bears the study expenditures of the students who are pursuing Masters or PhD from HEC recognized institutions. During the last year, the scheme has benefitted 41,781 students.
HEC has established Student Service Portal to make this programme more transparent through which online application could be submitted. The admissions have increased 100 percent under this scheme.
PM Youth Training Scheme would provide internship to the youth having 16 years education, increasing their abilities and employment opportunities for them.
The scheme would be initiated during the year 2015-16 under which 50,000 youth would be provided internship in private or public organizations giving them Rs. 12,000 monthly stipend.
PM Scheme for Provision of Laptops has disbursed 70,000 laptops so far among the students. Under this scheme, laptops are purchased through an open competition according to PPRA rules under the supervision of Transparency International.
Around 700 laptops have been assembled locally through a modern local plant. This scheme would help technology transfer and increase employment opportunities.