The new scheme of loans for the youth seems to be another idea which is only viable for the very rich. The clauses put to acquire the loan can only be met by a handful of youngsters belonging to rich families. SMEDA is not for the middle and lower class people. This scheme may sound good in speeches but the ground reality does not give any hope to the jobless educated youth of Pakistan.

PM Nawaz Sharif said that the promises of providing work for the poor people will become reality with SMEDA. But most of the financial experts said that this is not the right time to waste money on such half hearted and tedious scheme. Every successful debtor will have to return 8% extra markup for the whole loan amount. This scheme is for making money for the banks.

The conditions for the scheme , of finding a guarantor who will pay if the person defaults is again very troubling to say the least. Who will risk their personal property against a lower middle class or poor person? This might in the end turn out to be a scam by the banks to take away large properties as collateral which they are already doing with impunity but no one can do anything about them. If the Nawaz government is serious it should introduce easy conditions which the common man can meet.

MUHAMMAD ADEEL,

Karachi, January 6.