Loan okayed for overseas workers

The government has decided to extend loan to overseas workers for skill training, travel costs and initial settlement expenses under the Prime Minister's Youth Business and Agriculture Loan Scheme. Sources told The Express Tribune that the Prospective Overseas Workers Loan amounting to Rs1 million would be provided to cover skill training, travel and visa costs, and initial settlement expenses. Eligible applicants include workers aged 21 to 45 years with a valid job letter or recruitment through the licensed Overseas Employment Promoters. Loans will be booked jointly in the name of the overseas worker and a family member (parent, spouse or sibling) residing in Pakistan. Loan tenor will be up to five years, with repayment in equal monthly installments. The Finance Division briefed the Economic Coordination Committee on the Prime Minister's Youth Business and Agriculture Loan Scheme, launched in January 2023 as a flagship initiative of the government.