PM slams delay in gemstone projects

Dawn reported that Prime Minister Shehbaz Sharif was unhappy on Wednesday with delays in a pilot project for gemstones and jewellery and slow progress on sector development. He told the relevant authorities to submit a plan with firm deadlines promptly, insisting that no further holdups would be accepted. Shehbaz said the country loses billions of dollars every year because of poor mining methods and gem smuggling, and he wants a Brand Pakistan campaign for gemstones modelled on regional examples.

In a separate meeting, the premier urged banks to speed up lending for the Apna Ghar housing scheme, small and medium enterprises and agriculture. Lenders with weak records were told to improve their lending to these priority sectors if they want access to government incentives. Allied Bank was singled out for praise over its model of commodity storage warehouses and loans to farmers against stored produce, and its proposed SME park was also welcomed. Officials put approved Apna Ghar loans at Rs448bn for 75,198 applicants, while Rs76bn had reached 14,000 people.

Farm lending has reached Rs1,352bn, benefiting 3.455 million people, with targets of Rs1,500bn and 4.5 million beneficiaries by June 2027. A target of Rs700bn in loans has been set for housing, covering 125,000 units this year. The government wants idle warehouses and silos run by Pakistan Agricultural Storage & Services Corporation Ltd handled through a public-private partnership so farmers can store produce safely.