Dr. Yasmin Raashid advisor to PTI Chairman said Prime Minister Nawaz Sharif has admitted that Prime Minister Youth Loan Scheme could not produce the desired results. Just to launch his daughter Maryam Nawaz in politics Nawaz Sharif appointed her head of the Youth Loan Scheme, which turned out be a big failure over the past two years she added. She said since the Prime Minister launched this flagship mega corruption scheme youth refused to buy this lollipop given to them. National bank has to incur losses after PM decision to further cut mark-up rate on Prime Minister Youth Loan Scheme she added. She said it was a flawed loan scheme from the outset. No proper consultation had been done with experts and the banks were forcefully asked to give loans to youth but over the time banks have shown their reluctance to grant any loan, as they know their money will never be returned she added. She said earlier it was Yellow Cab scheme that brought the banking industry on the brink of disaster and now it is the Youth Loan Scheme that would do the same. With all the corruption and energy shortage how can youth run their businesses profitably she questioned.
PTI Information Secretary Andleeb Abbas said loan scheme appears to have hit a major snag and now Prime Minster wants to disburse the loans at any cost and it does not matter how dearly it would cost to the public exchequer. The first question, which Prime Minster should have asked from himself when he was rolling out this flawed scheme was that does Pakistan really have 100,000 entrepreneurs who are ready to turn capital into profits. She said she fears Nawaz Sharif would end up with billions in loans extended to his cronies who could not even write or conceive a business plan. Youth has badly rejected the scheme and is not interested to take loans even on soft conditions she added. She said the fate of this scheme would be same as Yellow Cab, and Sasti Roti schemes. With this this 100 billion many large production units could have started creating jobs to thousands of unemployed youths she added.