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EditorialResume previous government’s scheme

Resume previous government’s scheme

Former prime minister Imran Khan’s schemes of Mera Pakistan Mera Ghar and Prime Minister’s Kamyab Jawan Youth Entrepreneurship Schemes have been halted by the current government on the premise of unavailability of adequate funding amidst the ongoing economic crisis. On the advice of the State Bank of Pakistan, which is primarily taking direct orders from the IMF, banks have halted the disbursement process of loans. In the case of MPMG, the State Bank and the government have decided to review the scheme and so it has been paused for the next two months. While those who were receiving loans through PMKJ-YES will not be able to receive them for the next 15 days as per the orders of SBP. The Mera Pakistan Mera Ghar and Prime Minister’s Kamyab Jawan Youth Entrepreneurship Schemes (PMKJ-YES) were specially curated to cater for the needs of those who fall into the bracket of middle and lower-middle-income. These people are those who are usually unable to build their own house or start their own business solely with what they earn as most of it is spent. People in this strata earn just enough to fulfil their needs of education, health and an average lifestyle. These schemes have enabled many to get loans and build their own house and start a business which would allow them to rise in society and earn a better living for themselves and their dependents. The PMKJ-YES enabled many young people who had business ideas but no funding to start their businesses. The scheme allowed them to take loans on minimal interest rates and start projects.

Currently, the schemes have been halted for a limited time period, however, if these are permanently discontinued then many would suffer. People who found a solution to their problem of lack of finances to build a house or start a business would now suffer as the solution is being taken away. Not only will this lower the morale of the young population, but it will also harm the business industry and consequently the economy. Small and medium-sized businesses are the backbone of a developing economy and when loans will not be available to start these businesses the economy will further deteriorate as these people do not have enough assets to get conventional loans. Small and medium-sized businesses provide employment opportunities for those who are unemployed which in turn decreases the burden on the government. They also aid in increasing the economic growth rate. Both of these results in an increase in purchasing power of people and consequently the standard of living is improved which results in overall development of the nation. Owning houses also has the same benefits as people do not have to spend on rent and they can use that money on improving their standard of living which is better for the economy and the people in the long run.

The government must continue with these schemes as they are beneficial for the people and the economy. The rivalry between people and parties must not come in between the wellness of the people. All governments must continue the former’s programmes and schemes that are beneficial to the general public. This will not only benefit the people but also reduce the wastage of resources. Well-planned and favourable schemes must be continued. If the government cannot possibly continue a programme which has Khan’s name attached to it then it should change the name and not take away the whole programme out of spite for another leader. Schemes such as MPMG and PMKJ-YES are needed the most right now and the government must under all circumstances roll back on its stance of halting the funding.

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