The Pakistani government has decided to provide loans up to Rs 10 Lakh to people who want to work abroad and purchasing laptops under the Prime Minister’s youth loan program.
State Bank of Pakistan (SBP) has said that this loan will be provided to cover training, travel visa and housing expenses for those who require work abroad.
Who is eligible for loans?
According to a circular issued by the State Bank of Pakistan, Pakistani citizens between the ages of 21 and 45 can apply for this loan. However, applicants should have a confirmed job offer from companies that provide foreign job opportunities.
The central bank has also clarified that the applicants in their application must specify how they intend to use loans provided by the government for their foreign job schemes.
The Government will offer this loan for a period of five years, and the borrowers have to pay the interest rate 3% higher than the prevailing interest rate. In addition, a family member who lives in Pakistan should serve as a guarantor for loans. This means that the loan jointly will be released in the name of a person going abroad and a family member of Pakistan.
How favorable will this loan be for the ambition from foreign workers?
After acquiring foreign jobs, individuals often face important expenses, such as visa fees, air tickets and early housing costs abroad.
Neveda Ahmed Qureshi from Khalik recruitment agency in Rawalpindi believes that this loan will be very favorable for foreign workers under the Prime Minister’s youth loan program, as many young people face financial challenges in this regard.
He said, “Even after receiving a job offer from foreign companies, people have to carry enough expenses. Some take loans, while others sell their assets as livestock to cover the costs.” “In such situations, this debt will undoubtedly make life easier for many people,” he said.
Which countries like Pakistan for foreign jobs?
According to data from Immigration and Foreign Employment Bureau, most of the Pakistanis who demanded foreign jobs moved against the Gulf countries.
Official data shows that in 2024 more than 450,000 people went to Saudi Arabia for employment. Similarly, 64,130 Pakistanis worked in the United Arab Emirates (UAE). In addition, more than 81,000 people went to Oman, more than 40,000 Qatar, and for employment from 25,000 to Bahrain.
Bureau data shows that the total number of Pakistanis who goes abroad for employment the year before was 727,381.
According to the State Bank of Pakistan, from July 2024 to December 2024, Pakistan received $ 17.8 billion (money sent home by foreign Pakistanis). The top transmission bisarre countries were Saudi Arabia (first), UAE (second), the UK (third) and the United States (fourth).
