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Saturday, June 10, 2023

PDM govt suspends Imran Khan’s Mera Pakistan Mera Ghar & youth loan schemes

The Shehbaz-Zardari government has issued circular stopping disbursements against Mera Pakistan Mera Ghar Scheme from 1st July 2022, without giving any time to those individuals who are in the middle of the process.

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The PML-N-led coalition government has suspended two major subsidised loan programmes introduced by the previous PTI administration for low-cost houses and youth entrepreneurship. Government Markup Subsidy (G-MSS) for Housing Finance, also known as the Mera Pakistan Mera Ghar (MPMG) scheme, is being reviewed/revised by the government of Pakistan in light of recent macroeconomic developments.

For this reason, the State Bank of Pakistan (SBP) advised commercial banks, development finance institutions (DFIs) and microfinance banks (MFBs) to put further disbursements under the MPMG on hold from July 1, 2022, to August 31, 2022.

As long as partial payments have already been made up to June 30, 2022, banks, DFIs, and MFBs can release the remaining funds under the MPMG. Subsidized loans under the MPMG programme were introduced by the PTI government in 2020.

Read more: Kamyab Jawan programme: UAE announced to provide $200 Million

As of now, banks have given out Rs85 billion in loans.

They’ve also given the go-ahead to applications totaling Rs212 billion, despite a demand of Rs474 billion.

Read more: HBL hands out Rs 3 billion loans under Kamyab Jawan

Prime Minister Kamyab Jawan Youth Entrepreneurship Scheme has also been temporarily suspended by the government (PMKJ-YES).

According to a statement from the central bank, the government of Pakistan may revise or restructure the subject (PMKJYES) scheme in light of recent macroeconomic changes.

Banks acting as executing agencies under PMKJYES have been instructed by the SBP to postpone making any new disbursements between July 1 and July 15, 2022.”