The PTI government is deliberating over the launching of the Kamyab Overseas Program for the provision of interest-free loans to citizens who are unable to bear the cost of migration due to their poor social status.
The Ministry of Overseas Pakistanis and Human Resource Development (OP&HRD) has asked the Finance Division to arrange for the provision of funds by the commercial banks for the distribution of subsidized loans to the eligible intending emigrants, official sources told ProPakistani.
The source shared the details of the program and said that the Ministry of OP&HRD has prepared a plan for the launching of an interest-free loan scheme for the Kamyab Overseas Program under the Kamyab Pakistan Program for financially poor intending emigrants. The source said that a summary in this regard will be presented to the federal Cabinet for approval.
The government intends to promote economic development in the country by supporting the marginalized segment of society through the Bureau of Emigration & Overseas Employment (BE&OE), the source added. The bureau has the mandate of manpower development and employment promotion for prospective overseas workers.
To achieve this goal, the Ministry of OP&HRD collaborated with non-profit Micro Financial Institutions (MFI) like the National Rural Support Programme (NRSP) and Akhuwat to develop a proposal for prospective low-income overseas workers with confirmed job offers and valid travel documents. This joint collaboration will facilitate such eligible candidates for the provision of Interest-Free Loans under the Kamyab Overseas Program.
“The government is focused on facilitating and producing opportunities for the employment and financial inclusion of young people so they can play a constructive role in enhancing Pakistan’s position in the global markets,” added the source. Accordingly, the government has introduced the Prime Minister’s ‘Kamyab Jawan Youth Entrepreneurship Scheme’ and the ‘Prime Minister’s Hunarmand Programme-Skills for All’ programs to bridge the gap between the educated youth and active labor market participation.
Similarly, the Kamyab Overseas Program is the need of the hour to increase the number of Pakistani manpower in the destination countries to accommodate the youth bulge. This program will boost economic activities and the flow of foreign remittance in the country and will be helpful for the socio-economic betterment of the people.
A proposed draft agreement between the BEOE and the MEI has been submitted by the Ministry of OP&HRD for the approval of the Steering Committee of the Finance Division. The latter has been requested to initiate the summary of the Kamyab Overseas Program for the approval of the Cabinet, the source said.
The Ministry of OP&HRD has asked the Finance Division to arrange the provision of funds by the commercial banks to the MFIs for the distribution of subsidized loans to the eligible intending emigrants who have confirmed overseas job/employment agreements by the Director-General of the BEOE.