In a major relief, Adviser to Prime Minister on Finance Abdul Hafeez Shaikh on Wednesday announced that the government has slashed interest rate by 50 per cent on loans to youth under 'Kamyab Jawan Program'.

Addressing a press conference in Islamabad, Hafeez Shaikh said that the government has provided over one billion rupees to 2,900 youths under the scheme. He maintained that 7,500 more youths will benefit from the scheme.

The adviser said that they will enhance the loans limit from Rs5 million to Rs25 million. Talking about the country's economic situation, he said that the government effective measures bearing positive results.

He said that Moody's had confirmed Pakistan's B3 credit rating with a stable outlook which is major success for the government's economic team.