The Economic Coordination Committee (ECC) of the Federal Cabinet of Ministers has approved the Rare Foreign Program (KOP) to provide loans to Pakistanis serving abroad. The initiative is a new component of the Rare Pakistan Program (KPP).
According to the details, the maximum loan amount will be Rs. 300,000 can be refunded with easy parts starting three months after departure.
Up to 10,180 people are expected to benefit from the program, which requires approximately Rs. 3 billion for the 4th quarter of 2021-22.
Federal Minister of Finance and Revenues Shevket Tarin chaired an ECC meeting in Islamabad on Monday. The meeting was attended by Federal Minister of National Food Safety and Research Seyid Fakhar Imam, Federal Minister of Railways, Mohammad Azam Khan Swati, Federal Minister of Energy Hammad Azhar, Federal Secretaries and senior officials.
The Rare Foreign Program is for low-income overseas workers who approve foreign job offers, employment contracts, and valid travel documents. In addition, those registered in the National Socio-Economic Register (NSER) can benefit from interest-free loans under the program.