After the ever-increasing inflation, Prime Minister Imran Khan has finally taken a step to provide the youth of Pakistan with some relief. In a recent meeting held with the cabinet, he decided to approve the provision of interest-free loans for 2000 Youth Stores across the country.
What Is The Youth Store Loan?
As the name suggests, the loan is strictly dedicated to the youth that aims to start their own utility stores. It is a part of the Kamyab Jawan Program under which the government has decided to sanction a loan of up to 1 million for those who want to open Youth Stores without taking an interest in the loans through various entities.
The good news is that five free-zones will also be built alongside the Pak Afghan border to put a halt to illegal smuggling of the basic necessities required.
How Will These Stores Work?
These stores will be operational under the Utility Stores Corporation. They will be opened in all major cities across the country and will provide edible items to the citizens in subsidized rates. This working capital will allow the holders to open cash and carry apart from the 12 Utility Stores in every big city.
The 60 percent of the supply for these stores will come from the nearest utility stores. The other 40 percent supply can easily be taken from the wholesale market. The basic commodities of day to day use will be provided to small tuck shops at the subsidized rates.
The government has also approved a 10 billion PKR relief package for the utility stores. With this package, the stores will ensure that the basic household commodities are easily provided at the government-regulated rates. Under this package, people will be able to buy ghee at Rs. 170 per kg, flour at Rs. 800 for a 20kg bat, and sugar at Rs. 68 per kg. The other edible items like grain and rice will be sold at a 15 to 20 percent reduced price rate through these utility stores as well.
How Will These Stores Benefit Youth?
With these loans under the Kamyab Jawan program, the government has decided to directly employ 40,000 people. However, this isn’t the final sum as almost 80,000 (or even more) will be the indirect beneficiaries of this program.
How To Get The Loan?
The government is currently sanctioning the loans and the complete details alongside how to get it, the payback period and everything else will soon be released.