The Pakistani government has announced a loan program under the Prime Minister’s Youth Program to provide aspiring individuals seeking employment abroad with loans of up to 1 million rupees. The State Bank of Pakistan has released details stating that this loan will be provided for training, visa, and residential expenses of these individuals. Pakistani citizens aged between 21 to 45 will be eligible to apply for the loan. However, applicants must have a verified job offer letter from companies providing overseas employment. According to the State Bank, applicants must also specify how the government-provided loan will be utilized.
The loan, provided by the government, will be for a period of five years and will have an interest rate three percent higher than the current market rate. Additionally, a family member of the loan applicant must be included as a guarantor on the loan application, making it a joint liability. Individuals aspiring for overseas employment often face various expenses such as visa fees, airfare, and initial residential costs. Naveed Ahmad Qureshi, a recruitment agency manager in Rawalpindi, stated that this loan will prove beneficial for employees as many young people struggle with financial difficulties.
Many Pakistani individuals seek employment in Gulf countries, with official statistics indicating that over 450,000 individuals secured jobs in Saudi Arabia and 64,130 in the United Arab Emirates in 2024. Similarly, a significant number of Pakistani citizens also found employment in Oman, Qatar, and Bahrain. According to State Bank figures, remittances worth $17.80 billion were received in Pakistan from July to December 2024, with a portion sent by Pakistani residents living abroad. Saudi Arabia led in remittances, followed by the UAE, the UK, and the US.
This loan offer up to 1 million rupees for aspiring overseas employees is seen as a significant step to facilitate the lives of individuals seeking employment abroad.
