The Prime Minister of Pakistan, Shehbaz Sharif, has directed an increase in the loan amount under the youth program from Rs 500,000 to Rs 1.5 million.

A review meeting on Small and Medium Enterprises was held today in Islamabad, chaired by Prime Minister Shehbaz Sharif, where the Prime Minister directed a detailed study to be conducted soon to facilitate businesses.

During the meeting, the Prime Minister emphasized adapting the facilities for small and medium-sized enterprises with international standards by implementing models from developed countries.

He also directed that a special package for women entrepreneurs in small businesses be prepared and presented soon.

The Prime Minister noted that small and medium-sized enterprises (SMEs) are the key to global economic development. The government is committed to encouraging SMEs to promote entrepreneurship in Pakistan’s workforce.

Shehbaz Sharif highlighted that the government is working to empower young and female entrepreneurs to create self-employment and create more job opportunities.

In light of the Prime Minister’s special directives, the meeting was briefed on progress in the Government’s efforts to support and develop SMEs.

It was shared that as per the Prime Minister’s directive, after taking all stakeholders into confidence, the loan application process for SMEs has been simplified to ensure that more companies can avail the loan facilities to improve their operations.

In addition, SMEs are categorized to ensure that small and medium-sized enterprises can take full advantage of government support and facilities and have timely and easy access to loans on simplified terms.

The meeting was further informed that under the Prime Minister’s guidance, a new category will be introduced for very small businesses and home-based women entrepreneurs, making it easier to get loans and receive government support to improve their businesses.

The Pakistan Bureau of Statistics provided updates on SME indicators from three major cities and shared plans for a nationwide survey to improve facilities for SMEs across the country in the coming months.

A comprehensive briefing was given on the government’s action plan to support SMEs and its timelines. It was stated that SMEDA would launch financial skills and training programs for SMEs by February this year. In addition, a program to introduce modern technology to SMEs will be completed and launched by mid-2025.

Union Ministers Rana Tanveer Hussain and Ahmed Khan Cheema, Foreign Minister Sheza Fatima Khawaja, State Bank Governor Jameel Ahmed, Chief Secretaries of all four provinces, representatives from the SME sector and relevant senior officials attended the meeting.

Earlier, Prime Minister Shehbaz hailed the drastic reduction of Rs30 per

The prime minister, who chaired a meeting to discuss the promotion of electric vehicle policy, appreciated Energy Minister Awais Ahmed Leghari and his team for framing a compelling proposal to facilitate EV manufacturers’ rollout of subsidized tax-based cars in the country.

“They (the energy minister and his team) have drastically reduced the tariff in this sector from Rs70 to Rs40 per unit. This will encourage investors and industry partners to leverage more investments in the EV sector,” he said.

Yesterday, the Prime Minister welcomed the World Bank’s pledge of $20 billion under its first ever 10-year Country Partnership Framework (CPF) for Pakistan.

The prime minister, in a social media post on his X-timeline, said that while focusing on six key areas including child nutrition, quality education, clean energy, climate resilience, inclusive development and private investment, the CPF reflected Pakistan’s national priorities as envisioned in its home-grown economic transformation plan.