Tarin admits growth rate hit by rising inflation

Disbursement of interest free loans under KPP starts: Tarin

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Islamabad: Finance Minister Shaukat Tarin on Thursday said that disbursement of interest free loans under Kamyab Pakistan Program has started.

At a ceremony in the federal capital, Shaukat Tallinn said that it was a day of historic significance for the country’s poor. He added that in the past 74 years, only empty promises have been made, but now that one person is on stage, he is moving towards Riyasat-e-Madina.

“The foundation of welfare state has been laid. This is a big day, big day for the poor people,” the federal minister said while addressing the ceremony for disbursement of interest-free loans under Kamyab Pakistan Programme.

The federal minister said that initially 4 million households would be provided financial assistance under the programme, which would be extended to 6 million and then 7 million households gradually.

He was of the view that as and when this programmes spreads across the country, it would bring prosperity, adding that when the low income segment of society becomes prosperous then we can say that real Pakistan or Pakistan of Quaid-e-Azam was established.

He said that poor of the country had always been shown dreams of food, clothing and shelter and were realized that when economy grows it would have trickledown effect on them. However, the minister lamented, even after 74 years since Pakistan came into being, this could not happen till date.

He said that Prime Minister Imran Khan believes in Riyasat-e-Madina, so he attaches equal importance to economic development, increasing incomes of the upper middle class and welfare of the poor.

He said that the prime minister did not want the poor to wait for the trickle-down effect, so he urged the implementation of this plan to give the poor a chance to earn a decent livelihood for themselves without compromising their self-esteem.

Shaukat Tarin said that under the Kamyab Pakistan plan, large banks will provide wholesale loans to small and microfinance banks, which provide loans to qualified individuals in retail.

Under the programme, he added, the farmers would be provided interest-free loans upto the tune of Rs150,000 for one crops and Rs300,000 for two crops and Rs200,000 for tractors.

Likewise, Rs500,000 loans would be provide to a household for setting up a business, and Rs2 million to Rs2.5 million for building house. In addition, Sehat cards were provided to ensure health coverage for the poor.

He said this was the complete package to target poor of the country adding that loans were being provided purely on merit basis with complete transparency irrespective of affiliations with any party, group or tribe.

He also thanked all stakeholders, small and large banks for making this large plan a success in a short period of time. He said that even the World Bank doubted how this happened, but said that once it succeeds, it will seek guidance from Pakistan to replicate the plan in other countries.

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